Binance Ignites Double-Digit Rally in These Altcoins

TL;DR

• The exchange introduced spot trading services with three new cryptocurrencies.
• These tokens carry a Seed Tag, signaling both high potential and elevated risk.

The Selected Ones

The world’s largest crypto exchange recently issued a community vote to check which additional tokens its users want to see available on the platform. It honored the final results and embraced Ondo (ONDO), Big Time (BIGTIME), and Virtuals Protocol (VIRTUAL). The newly introduced spot trading pairs include ONDO/USDT, ONDO/USDC, BIGTIME/USDT, BIGTIME/USDC, VIRTUAL/USDT, and VIRTUAL/USDC.

It is worth mentioning that the altcoins were previously available on Binance Alpha. They will no longer be showcased there, and users can now transfer any available holdings involving the assets to their spot accounts. 

“The purchase function for the aforementioned token(s) will be stopped on Binance Alpha when spot trading opens on Binance Spot. The sell function on Binance Alpha will not be impacted.

After the token(s) is removed from Binance Alpha, users can still view their Alpha token balances from the Alpha Accounts, and transfer them to Spot Accounts to continue trading on Binance Spot,” the disclosure reads.

The added tokens experienced substantial price increases shortly after the news. BIGTIME soared by 25% daily to a two-month high of over $0.07. VIRTUAL also witnessed a double-digit spike on a 24-hour scale, while ONDO recorded a less significant pump. 

Support from Binance provides increased liquidity for the tokens in question and injects them with a credibility shot. As such, the aforementioned price upswing should not be considered a surprise. 

It is important to note that the exchange listed ONDO, BIGTIME, and VIRTUAL with seed tags applied. This section includes early-stage projects with high potential but also a bigger risk. That should serve as a warning to people to hop on the bandwagon with caution, do proper due diligence beforehand, and invest only as much as they are ready to lose. 

Delisting Causes the Opposite Reaction

Earlier this month, Binance removed 14 altcoins from its platform, causing significant price declines for the affected. Cream (CREAM) and Beta Finance (BETA) suffered the worst consequences, nosediving by roughly 60% shortly after the announcement. 

A similar crash was observed in October last year when the company terminated all trading services with Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI).