In this bull market, in addition to Bitcoin repeatedly breaking new highs and approaching the $100,000 mark, another major focus of attention has been the meme coin (Memecoin) craze that has been taking place across various public chains. As the current largest cryptocurrency exchange, Binance has also frequently listed various popular meme coins, such as ACT, Pnut, BAN, etc.
And on the 25th (yesterday), Binance once again issued an announcement stating that it will list perpetual contract trading for two meme coins on the BSC (Binance Smart Chain), WHY and CHEEMS, at 19:30 and 19:45 Taiwan time on November 25.
WHY and CHEEMS Plummet After Listing on Binance
However, just as the market was originally optimistic that the tokens would rise in price due to greater visibility and liquidity after being listed on Binance, WHY and CHEEMS saw their prices plummet in a waterfall-like fashion yesterday after the Binance announcement was made.
At the time of writing, WHY is temporarily reported at $0.000000215, having crashed over 43% since the announcement last night.
Cheems followed suit, with the price plummeting from $0.000001508 to a low of $0.0000006324 in a short time, and is currently reported at $0.0000006847, a drop of nearly 50% since the announcement last night.
Equation Blast: Please Dump Your Positions Slowly
Regarding this situation, the self-proclaimed "fastest and most focused crypto media to drive the market" Equation News blasted this phenomenon, believing that the dumping behind this is influenced by insider trading knowledge of Binance's listing decision, with these insiders massively dumping after the token listing announcement, causing huge losses to investors:
To insider traders on Binance perp listings, please sell your bag slower in the future. This crash that you caused on WHY and CHEEMS is 100% -ev for everyone participant in the game, you are ruining the sentiment of the trades.
[not a news] To insider traders on Binance perp listings, please sell your bag slower in the future. This crash that you caused on WHY and CHEEMS is 100% -ev for everyone participant in the game, you are ruining the sentiment of the trades.
[not a news] To insider traders on Binance perp...
— Equation News BWEnews ⚡️🚀 (@bwenews) November 25, 2024
Community Sarcasm: Bro, You Were Too High-Profile and Got Targeted...
Regarding Equation's view, some community members believe it is indeed the case, believing that the phenomenon of insider trading with prior knowledge of Binance's new token listings has existed before (although Binance denies this), and has continued to cause losses for investors.
However, some also believe that the Equation team was targeted, because earlier this month, Equation News had caused a stir by using their automated trading program to quickly capture the announcement of Binance listing the AI-themed meme coin ACT, buying in quickly and making over $3 million in profit.
And community members believe that this time, Equation News should have also used the same method to quickly buy in to WHY and CHEEMS, but this also gave the insiders the opportunity to quickly exit, leading to the waterfall-like decline, which gave Equation a slap in the face, with the community sarcastically commenting "Your double standards are really slick, only allowing you to make money but not lose", "Bought in in three seconds again?", "Bro, you got targeted, be more low-key next time"...
As of now, the Equation team has not explained whether they actually bought in quickly again and suffered losses. BlockTempo also reminds investors that the price of meme coins is usually extremely volatile, and caution should be exercised when investing.
