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Major cryptocurrency exchanges Binance and Upbit have announced two altcoin listings today, leading to substantial price increases and heightened market activity.Ā
Binanceās Alpha platform added the meme coin PALU. Meanwhile, Upbit revealed that it will introduce trading support for Doodles (DOOD).
PALU is a community-driven meme mascot token issued on the BNB Chain. The token initially gained traction after Binance founder Changpeng Zhao (CZ) reposted fan artwork featuring a CZ-themed PALU mascot.
This triggered a major pump, which amplified when Binanceās Alpha platform, which highlights emerging tokens, officially listed PALU. Following the crypto listing, the tokenās market capitalization skyrocketed from roughly $3 million to over $80 million.
PALU Price Rally. Source: Gecko Terminal
At press time, PALUās market cap had adjusted to $74.4 million. It was trading at $0.77, marking a 1,693.7% gain so far today amid the rapid developments.Ā
Moreover, a market suggested that the meme coinās strong performance and community appeal could make it a likely candidate for an official Binance listing.
āHonestly, @palucto feels like the perfect mascot coin for Binance. I wouldnāt be surprised if it hits the main Binance listing next,ā an analyst wrote.
Nonetheless, behind the explosive rally, on-chain data reveals coordinated buying activity that fueled the surge. An on-chain analyst pointed out that 12 addresses collectively purchased around $2.98 million worth of PALU following the announcement, contributing to the price pump.Ā
Besides Binance Alpha, Upbit will also expand its spot platform offerings today. In a recent notice, the exchange revealed that it will list DOOD, with trading starting at 4:30 PM Korean Standard Time (KST).
The token will be available to trade against two pairs: Tether (USDT) and the Korean Won (KRW).
āDeposits and withdrawals are supported only through the designated network (DOODāSolana). Please verify the network before making a deposit.The contract address for DOOD supported on Upbit is: DvjbEsdca43oQcw2h3HW1CT7N3x5vRcr3QrvTUHnXvgV,ā Upbit stated.
Following the announcement, the altcoin surged from $0.0066 to a high of $0.018, representing a 178% increase. The latter also marked a new all-time high (ATH) for DOOD.
Doodles (DOOD) Price Performance. Source: TradingView
At press time, it traded at $0.014, up nearly 126% since the announcement, with a market capitalization exceeding $120 million.
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