Binance has announced the listing of two new tokens—Pudgy Penguins’ native token, PENGU, and the Simon’s Cat meme coin.
PENGU will debut on December 17 at 14:00 UTC, with trading pairs including USDT, BNB, FDUSD, and TRY. Simon’s Cat will launch earlier the same day at 09:00 UTC, with identical trading pairs.
Binance Listing Triggers a Massive Rally for CAT Meme Coin
The announcement caused Simon’s Cat (CAT) to surge by over 60%, reaching an all-time high of $0.00006811. The meme coin’s market cap soared to $439 million.
In contrast, PENGU’s Binance listing marks its first-ever token distribution. Upon launch, PENGU will have a circulating supply of over 623 million tokens, representing approximately 70.22% of its total supply.
Pudgy Penguins introduced the PENGU token earlier this month but did not previously announce a launch date. The project has generated significant attention due to its connection to the popular NFT collection.
Binance’s history with new token listings has been rather concerning. The exchange recently launched the Magic Eden (ME) token, which faced sharp declines after its debut.
The ME token started trading at $17 but dropped nearly 79%. It’s currently at around $3.57 due to mass sell-offs from airdrop recipients.
“Binance is at it again, pumping the well-established meme coin CAT. This news once again proves the interest of the TOP-1 exchange in listing memecoins. This pattern will repeat time and again because it’s currently VERY profitable for Binance,” popular on-chain analyst Tracer wrote on X (formerly Twitter).
Similarly, Movement Network’s MOVE token launched on Binance’s airdrops portal last week. It quickly gained listings on South Korean exchanges Upbit and Bithumb.
MOVE initially traded at $0.74, with a trading volume of $450 million in its first 90 minutes, but its price has since fallen by over 50%. These patterns have raised concerns about Binance’s role in fueling volatile price movements, especially with meme coins.
“Is this Binance’s new business strategy in the post-CZ era? Buy up low-cap memecoins like NEIRO ($15 million) and $ACT ($20 million), list them so they 50x, and dump on their own users. People deserve to know what is going on inside the largest crypto institution,” wrote influencer Leonidas.
Over 80% of meme coins listed by the exchange in 2024 experienced significant price spikes post-listing, followed by sharp corrections. Critics argue that such fluctuations resemble pump-and-dump schemes, disadvantaging retail investors.
In addition to these controversies, Binance faces legal challenges over the PNUT meme coin. Mark Longo, the owner of internet sensation Peanut the Squirrel, has filed a lawsuit against Binance. He alleges the exchange of unauthorized use of Peanut’s likeness and intellectual property.
As Binance continues to expand its token offerings, questions persist about the sustainability and fairness of its listing practices.
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