Binance announced expanded support for five emerging cryptocurrencies: ACT, COW, CETUS, PNUT and TROY are the terms based on which the slots have been allotted.
The new possibilities include expanded lists of trading pairs and increased convenience, which has attracted the attention of investors and traders from all around the world.
This is a move that forms part of Binance’s ongoing plan to expand its services and to capture new customers.
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Binance: New Trading Pairs and Enhanced Accessibility
On November 12, Binance confirmed that it would be adding new trading pairs for the five tokens: ACT/TRY, COW/TRY, CETUS/TRY, TROY/TRY and PNUT/TRY. These pairs, which started trading on November 13, enable Binance users to trade these tokens directly with the Turkish Lira (TRY).
The aim of this program is to open up the market to more investors especially in areas that have a great deal of interest in such products.
As part of the trading pairs, Binance also listed Trading Bot services for these tokens. This feature allow the use of automated orders to place orders which can be useful in minimize the risk for the retail investors.
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For the newly listed pairs, users can now use Spot Algo orders and Binance also revealed the Spot Grid and Dollar-Cost Averaging (DCA) bots for the BNB/EUR trading pair.
As per Binance, this update is to improve the trading experience of users and offer more instruments for those who are interacting with these cryptos.
Market Reaction and Price Volatility
After the announcement, some of the tokens observed here experienced considerable changes in their price. ACT (AI Prophecy), a meme coin that has adopted an artificial intelligence theme, has risen more than 1,300% in the past week with intraday gains hitting 45%.
During the announcement, ACT price was $0.5076; the 24-hour low and high were $0.3699 and $0.6198, respectively. This sharp surge in price is evidence of the surging interest of investors in ACT as the token enters a major exchange platform.
Many other tokens also witnessed high fluctuations in their prices. COW also surged by 6% intraday to $0.3999 but it had risen by 52% on the weekly chart in response to Binance’s listings.
CETUS, however, fell by 19% during the day but rose by 85% in the week. PNUT, a meme token associated with ‘Peanut the Squirrel’ also dropped by 7% in a day, but has risen by 750% within a week due to the token’s listing at Binance.
Binance Deals With Regional Trading Restrictions
Despite the new listings, Binance continues to restrict access to these assets in certain regions due to regulatory compliance. Users in the United States, Canada, the Netherlands, and several other jurisdictions are barred from trading the new pairs.
Binance stated that the list of restricted countries could change in response to evolving legal and regulatory guidelines.
The company requires users to complete account verification to trade these pairs, ensuring compliance with local and international regulations.
These restrictions are part of Binance’s ongoing efforts to comply with regulations across various jurisdictions.
Although the restrictions may limit trading for some users, Binance aims to protect investor interests by following regional laws and ensuring user safety.
Increased Demand for Meme and AI-Themed Tokens
ACT and PNUT are among a growing list of meme and AI-themed tokens attracting speculative interest in the crypto community.
ACT, branded as “The AI Prophecy,” combines artificial intelligence concepts with meme coin characteristics, making it unique in the market.
PNUT, on the other hand, offers a playful concept with its “Peanut the Squirrel” theme, appealing to the speculative side of crypto trading.
Both tokens were listed with Binance’s “Seed Tag,” which indicates a higher risk due to their volatility and relatively low market cap.
These tokens have seen sharp price movements, partly due to the hype surrounding new listings on Binance.
As interest in AI and meme coins continues to grow, market participants may continue to monitor these assets closely for further price fluctuations.
