Binance’s first class of memecoins chosen by traders is experiencing major volatility following their listings.
Earlier this month, Binance introduced a new “Vote to List” campaign, allowing users to choose smaller projects to add to the world’s largest crypto exchange.
“We now invite users to participate and vote on the first batch of Vote to List projects under the official post… on Binance Square Official.
The first batch of Vote to List is exclusively for BNB Smart Chain-based tokens.”
Yesterday, Binance announced the winners of the first ‘Vote to List’ campaign: memecoins Mubarak (MUBARAK), CZ’S Dog (BROCOLLI714), Tutorial (TUT) and Bananas for Scale (BANANAS31).
After going live on Binance yesterday afternoon, the four memecoins are now in various states of eruption.
MUBARAK is trading for $0.084 at time of writing, down 40% on the day.
CZ’s Dog is currently worth $0.055, up 8% in the last 24 hours.
Banana for Scale is worth $0.005 at time of writing, down 18% over the same period.
TUTORIAL is going for $0.042 at time of writing, rallying 157% in one day.
Memecoins are infamously unpredictable. Last month, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce warned investors against expecting protections when trading the volatile asset class.
“Just because something is out there and it’s popular does not mean that it will fit within the SEC jurisdiction. So I just caution people not to assume that there’s going to be an SEC regulatory backstop to everything…”
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