Binance to List 2 New Altcoins — One Soars 60% Before Trading Even Begins
Binance announced the listing of two new altcoins, Lorenzo Protocol (BANK) and Meteora (MET), set for spot trading to begin at 14:00 UTC. Ahead of the launch, BANK surged over 60%, while MET rose nearly 10%. The price jump is attributed to strong speculative interest and anticipations of increased liquidity. However, MET faced criticism due to controversies surrounding its airdrop allocation and its founder’s alleged misconduct in previous projects. Binance has warned traders about the high risk and volatility of these newly listed tokens and emphasized the importance of completing the Seed Tag quiz to understand the potential risks. Spot Algo Orders and other trading features will be progressively enabled post-listing.
Introduction: Altcoins Surge After Binance Listing Announcement
Two altcoins, Lorenzo Protocol (BANK) and Meteora (MET), have experienced significant price surges following a Binance listing announcement. Listing announcements on major exchanges like Binance or Coinbase often lead to strong price movements for the involved tokens, spurring buying frenzies among traders.
Performance of BANK and MET Before Official Listing
Binance announced the listing of BANK and MET, which are set to go live for spot trading at 14:00 UTC. Ahead of the official launch:
- BANK surged over 60%, reflecting strong speculative interest.
- MET saw a more modest 10% increase.
This demonstrates the typical market reaction of traders anticipating increased liquidity from such listings, as shown by TradingView data.
Meteora’s Recent Performance and Challenges
While BANK outperformed MET, recent developments around MET partially explain its subdued performance:
- Coinbase listing on October 23 boosted MET temporarily before a 15% correction occurred.
- Criticism arose from its airdrop allocation, where wallets tied to TRUMP meme-coin insiders received $4.2 million in MET tokens. These tokens were later moved to OKX.
Additionally, Meteora founder Benjamin Chow is facing legal challenges, including a class-action lawsuit linked to earlier projects like LIBRA and MELANIA.
BANK’s Momentum and Future Plans
The price surge of BANK likely reflects early accumulation by traders preparing for a potential liquidity-driven breakout. 63 million BANK tokens have been allocated for future marketing campaigns, which could enhance the token’s visibility and short-term momentum once trading begins on Binance.
Key Details of the Binance Listing for BANK and MET
Binance shared critical information for users about the listing:
- Spot trading for BANK/USDT, BANK/USDC, BANK/TRY, MET/USDT, MET/USDC, and MET/TRY pairs will begin at 14:00 UTC.
- Deposits are already open, while withdrawals will commence on November 14 at 14:00 UTC.
- Both tokens carry the Seed Tag, indicating they are new and volatile projects.
Additionally, Binance reminded users to complete the Seed Tag quiz every 90 days to ensure traders understand the risks of trading newly introduced assets.
Implications for Alpha Market Participants
Both BANK and METR tokens were previously featured in the Binance Alpha Market, a pre-listing token pool. Once spot trading begins:
- Tokens will be delisted from the Alpha Market, and balances will automatically transfer to Spot Accounts within 24 hours.
- Spot Algo Orders will be enabled immediately, followed by Trading Bots and Spot Copy Trading within 24 hours.
- Trading volumes for these assets on Alpha will no longer count toward Alpha Points.
Binance Cautions on Risks of Trading BANK and MET
Binance emphasized the high-risk nature of both BANK and MET due to their status as new tokens. Users were advised to DYOR (do your own research) and implement strong risk management strategies as these assets are likely to experience significant price volatility.