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- Binance, the largest cryptocurrency exchange, has announced the endorsement of Broccoli and five other cryptocurrencies, triggering notable price surges.
- Binance has also introduced a new “Vote to List” system, allowing the community to participate in token listing and delisting decisions.
Binance, the leading cryptocurrency exchange, has announced its endorsement of Broccoli and five other cryptocurrencies. The token listing, a market-moving step, has sparked a price surge in the digital assets’ market value.
Binance Unveils Support for Broccoli & Other Cryptos
In Binance’s latest update, the crypto exchange noted that it has expanded its futures paltform with the addition of several new USD-margined perpetual contracts. This will enble traders to trade in leveraged trading.
In essence, traders get the opportunity to access higher liquidity.
The newly listed cryptocurrencies and Release Dates
TUTUSDT – Available from March 20, 09:00 UTC, with up to 25x leverage.
BIDUSDT – Trading starts on March 20, 09:15 UTC, with 25x leverage.
BROCCOLI714USDT – Available from March 21, 09:00 UTC.
BROCCOLIF3BUSDT – Listed on March 21, 09:15 UTC.
SIRENUSDT – Trading opens on March 22, 09:00 UTC.
BANANAS31USDT – Goes live on March 22, 09:15 UTC.
Market Impact of Binance’s Backing
With a backing from one of the leading cryptocurrencies in the cryptocurrency landscape, the newly listed tokens were bound for a significant rally. Being that Binance still remains an influential entity in the crypto space, its involvement more often than not acts as a catalyst for significant price movements.
Notably, while Binance’s previous listings, such as StraitsX (XUSD), have seen notable traction post-announcement, market participants should carefully consider volatility and potential corrections.
Price Performance of the Selected Cryptos
The cryptocurrencies backed by Binance have recorded impressive gains, acting as a testimony to heightened investor interest:
- Tutorial (TUT) Price: Surged nearly 100% to $0.047, with a 245% spike in trading volume to $137 million. The token has seen weekly gains of approximately 5000%.
- CreatorBid (BID) Price: Jumped over 215% to $0.9034, with a trading volume surge of 188% to $6.25 million. BID has experienced a weekly increase of 237%.
- Broccoli (CZ’s Dog – broccoli.gg) Price: Rose by 67% to $0.5176, with a 382% increase in trading volume to $138 million. The token touched a 24-hour high of $0.07596.
- Broccoli (firstbroccoli.com) Price: Increased by 66% to $0.0216 after reaching a 24-hour high of $0.1389. Its trading volume surged by 330% to $21.65 million.
- Siren (SIREN) Price: Gained 32% following the announcement, trading at $0.065.
Banana for Scale (BANANAS31) Price: Increased by 75% to $0.004391, with trading volume rising by 50% to $21.22 million.
Binance Launches New “Vote to List” Mechanism.
This announcement comes right after Binance announced a community co-governance structure that will allow Binance users to vote to list or delist tokens on the platform.
As per the announcement of the world’s largest centralized exchange, Binance will select the projects to be tested by community voting. Tokens that receive the most votes and follow the set metrics will be listed on the exchange.
In this case, projects that fail to provide regular progress updates or necessary token information, engage in malfeasance, or have inactive developer teams and communities will be placed in the platform’s “monitoring zone.”
