Binance Doubles Down on BONK, PENGU, and Meme Coins: Details Inside

TL;DR

• Binance lifted the Seed Tag from several cryptocurrencies, reflecting stronger project fundamentals and reduced risk.

• Not long ago, the exchange updated its VIP Loan service, adding more loanable assets.

More Backing

The world’s largest cryptocurrency exchange offers trading services with multiple meme coins to respond to the ongoing market trends. However, some of those tokens have a warning label, known as a Seed Tag. It applies to cryptocurrencies which are listed on the platform but are considered riskier or early-stage projects.

On July 21, Binance announced the removal of the Seed Tag from popular meme coins, including Bonk (BONK), Pepe (PEPE), and Pudgy Penguins (PENGU). EigenLayer (EIGEN) and ether.fi (ETHFI) will also no longer have this marker.

The firm stated that it will continue to conduct periodic reviews to determine if other digital assets should have the Seed Tag removed. To do so, it takes into account factors such as the team’s commitment to the project, the level and quality of development activity, trading volume and liquidity, network stability, community sentiments, and others. 

The exchange also expanded the list of trading choices offered on Binance Spot by adding the ETC/USDC, GRT/USDC, and ROSE/USDC pairs on July 22. The services are subject to eligibility and won’t be available to users residing in the USA, Canada, Iran, Netherlands, and other countries.

Ethereum Classic (ETC), The Graph (GRT), and Oasis (ROSE) did not experience price rallies following the news and remain in red territory on a daily scale. More substantial pumps are typically observed when Binance lists a new cryptocurrency, rather than just an additional trading pair. 

Other Recent Changes

Earlier this month, the company included Newton Protocol (NEWT) and Sahara AI (SAHARA) as new loanable assets on Binance VIP Loan. The service enables premium users to borrow substantial amounts of crypto by using their current holdings as collateral. Surprisingly, NEWT and SAHARA did not pump after the disclosure and remained in the red zone. 

Binance also removed certain spot trading pairs, such as ACT/EUR, FIO/BTC, TNSR/FDUSD, and TST/FDUSD. Most of the affected cryptocurrencies headed south following the announcement, with FIO charting the biggest loss of around 8%.