PEPE, PENGU, BONK graduate from Binance seed tag disclaimer level
On July 21, Binance announced the removal of its Seed Tag designation from tokens Pepe (PEPE), Pudgy Penguins (PENGU), Bonk (BONK), ether.fi (ETHFI), and EigenLayer (EIGEN).
The exchange has supposedly conducted reviews and is more confident the projects are ethical enough for investments, but told its user base they still carry market risks and price volatility.
The Seed Tag is Binance’s in-house risk label that is applied to newly listed tokens or projects considered more volatile and speculative than “established” assets. The tag tells crypto enthusiasts which coins have more risk for traders and requires them to complete quizzes to prove they have full knowledge of the nature of their investments before trading the asset.
Removal of the Seed Tag means Binance has seen a project’s maturity and is satisfied with its risk profile.
Binance removes caution tag on five tokens after reviews
According to Binance, its decision came against the backdrop of a routine project review based on team commitment, development activity, trading volume, liquidity, network security, and transparency. Regulatory compliance, ethical standards, and community engagement were also considered.
“Projects must maintain a high standard of performance, security, and transparency,” Binance stated in the announcement. “We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.”
The update caused mixed reactions on social media platforms, with some asking why other tokens were not taken down from the crypto exchange’s “red alert” list.
“These coins are volatile enough without the extra hype, hope traders don’t get burned chasing this,” warned one crypto trader on X.
Pudgy Penguins price soars after tag removal
One of the biggest gainers from the announcement was Pudgy Penguins (PENGU), which posted a 25.41% surge in price, climbing to $0.03909 from $0.03127 in 7 hours. That puts it just 31% shy of its all-time high of $0.05738.
The token linked to the second-highest ranking NFT projects by market capitalization has gained more than 34% in the last seven days, and rallied an impressive 315% since June 21.
On the daily chart, PENGU’s price has almost formed an ascending triangle pattern, bouncing from a low near $0.03032 to as high as $0.03932. The current price hovers around $0.03898, with traders eyeing the $0.040000 resistance level as the next breakout point.
Bonk (BONK) has also recorded a 3.32% increase in the last 24 hours, buoyed by the Binance tag removal news.
On the other front, the PEPE memecoin is consolidating at $0.00001419 after Binance’s update, up approximately 2.5% from its intraday highs. Technical analysts spotted the token’s falling wedge pattern on the one-day timeframe chart, an objectively bullish reversal signal.
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PEPE, PENGU, BONK graduate from Binance seed tag disclaimer level
On July 21, Binance announced the removal of its Seed Tag designation from tokens Pepe (PEPE), Pudgy Penguins (PENGU), Bonk (BONK), ether.fi (ETHFI), and EigenLayer (EIGEN).
The exchange has supposedly conducted reviews and is more confident the projects are ethical enough for investments, but told its user base they still carry market risks and price volatility.
The Seed Tag is Binance’s in-house risk label that is applied to newly listed tokens or projects considered more volatile and speculative than “established” assets. The tag tells crypto enthusiasts which coins have more risk for traders and requires them to complete quizzes to prove they have full knowledge of the nature of their investments before trading the asset.
Removal of the Seed Tag means Binance has seen a project’s maturity and is satisfied with its risk profile.
Binance removes caution tag on five tokens after reviews
According to Binance, its decision came against the backdrop of a routine project review based on team commitment, development activity, trading volume, liquidity, network security, and transparency. Regulatory compliance, ethical standards, and community engagement were also considered.
“Projects must maintain a high standard of performance, security, and transparency,” Binance stated in the announcement. “We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.”
The update caused mixed reactions on social media platforms, with some asking why other tokens were not taken down from the crypto exchange’s “red alert” list.
“These coins are volatile enough without the extra hype, hope traders don’t get burned chasing this,” warned one crypto trader on X.
Pudgy Penguins price soars after tag removal
One of the biggest gainers from the announcement was Pudgy Penguins (PENGU), which posted a 25.41% surge in price, climbing to $0.03909 from $0.03127 in 7 hours. That puts it just 31% shy of its all-time high of $0.05738.
The token linked to the second-highest ranking NFT projects by market capitalization has gained more than 34% in the last seven days, and rallied an impressive 315% since June 21.
On the daily chart, PENGU’s price has almost formed an ascending triangle pattern, bouncing from a low near $0.03032 to as high as $0.03932. The current price hovers around $0.03898, with traders eyeing the $0.040000 resistance level as the next breakout point.
Bonk (BONK) has also recorded a 3.32% increase in the last 24 hours, buoyed by the Binance tag removal news.
On the other front, the PEPE memecoin is consolidating at $0.00001419 after Binance’s update, up approximately 2.5% from its intraday highs. Technical analysts spotted the token’s falling wedge pattern on the one-day timeframe chart, an objectively bullish reversal signal.
Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
Read More