Original | Odaily Planet Daily (@OdailyChina)
At 5:35 PM today, the long-awaited answer to the guessing game "Which project will be the next to list on Binance?" was revealed. The BNB chain meme projects CHEEMS and WHY celebrated their "highlight moment" by both launching on Binance contracts.
Early investors were looking forward to another "price surge," but this time the script seems a bit different. Following the release of the Binance announcement, CHEEMS and WHY only held on for a minute before their prices dropped over 30% within an hour. Even those who once boasted about achieving millisecond-level tracking of Binance "formula news" suffered a significant loss, losing hundreds of thousands of dollars, and angrily accused "insider traders of damaging market sentiment."
Odaily Planet Daily will briefly track the event of meme coins launching on Binance in this article.
Why Did Meme Coins Drop Instead of Rise After Listing on Binance?
As the undisputed "leader of exchanges," Binance's "listing effect" has always been praised, and the reason is simple: "liquidity."
Previously, according to on-chain analyst statistics, in the past 30 trading days, Binance's trading volume was 10% higher than that of Nasdaq, 2 times that of the New York Stock Exchange (NYSE), and 16 times that of Coinbase, accounting for about 50% of the global centralized exchange trading volume, making it no exaggeration to say that Binance is "half of the cryptocurrency exchange market." Binance's official website information shows that the total number of users has exceeded 240 million and is still growing rapidly. Additionally, according to CryptoQuant analysts, the inflow of stablecoins to Binance reached a historical high of $10.2 billion in the past month.
The large user base and substantial liquidity provide strong support for Binance's "listing effect," and the launches of meme coins like ACT and PNUT have been repeatedly validated. However, this time, the news of CHEEMS and WHY launching on Binance did not continue the previous myth.
After the Binance announcement, WHY's price dropped by 34.84% in one hour, with a market cap temporarily reported at $104 million, while Cheems' market cap fell below $200 million, with a 24-hour drop of 19.82%.
CHEEMS & WHY Short-term Drop Information
Such a dire situation inevitably brings to mind the biggest possibility behind the sell-off—insider trading. Is the "Sell the News" situation of CHEEMS and WHY really due to insider trading?
Insider Trading Doubts: The Complex Landscape of the Crypto Market
Based on the currently known information, the possibility of insider trading existing in this Binance contract listing is low. Here are some on-chain data points:
According to X user @AllanWei_2022 disclosed data, after Binance announced the listing of CHEEMS and WHY contracts, the trading situation of two major players was as follows: The first large purchase of CHEEMS came from address 0x94d5Dec1796404ff3544FB09461AF0bC3fb3c2F6, with a total investment of about $200,000. However, this address failed to profit from the volatility, ultimately exiting with a "halved" loss.
The first large purchase address for WHY was 0x03b7C1414857Ae0bCa09116d4A01175D4d9B86ad, also investing about $200,000. Unfortunately, during its trading process, it encountered an on-chain trading bot "MEV sandwich attack" (a strategy of preemptive trading and subsequent price elevation), ultimately selling quickly after buying, incurring a loss of $25,000.
Previously, during the ACT listing, the "formula news" profited $3 million through "millisecond-level trading operations," but in this incident, it became a "loser who was pecked in the eye by the geese after a day of hunting."
Thirty minutes after the listing announcement, the formula news posted on its official channel, stating: "To the insider traders participating in the Binance perpetual contract listing, please sell your chips more slowly next time. The collapse of WHY and CHEEMS caused by you this time resulted in a 100% negative return for all participants in the trading, and you are damaging the trading sentiment."
Screenshot from the official channel of the formula news
Of course, on-chain data also reveals another side of the story:
According to Lookonchain monitoring, three days ago, a whale with $6.4 million spent 400 BNB (worth $247,000) to buy 14.7 trillion WHY, with the address being 0xa65ce1d604fa901c13aa29f2126a57d9032e412b, and the current remaining assets of that address are $5.21 million.
According to Onchain Lens monitoring, a newly created wallet withdrew 552 BNB (worth $363,000) from Binance yesterday to buy 11.7 trillion WHY and transferred all of it to Gate. The address is 0x343997539c568b601559e73b977861babf2c1708, which transferred all WHY to 0x8964a164a0e890ccf6a69e6bb00e1cb5774f3e98 yesterday and sold out at 6:43 PM today, earning a total of $567,600, with a profit of $204,600. On-chain records can be found here.
Additionally, on-chain data shows that 0xbb8365B1BA2462ffDce9C894Ada84478f474Fefc bought 57 billion CHEEMS four days ago and sold all of it within one minute of the listing announcement, ultimately making a profit of about $1.21 million. On-chain records can be found here.
Whether these addresses represent "smart money" or "insider trading" is open to interpretation.
Summary: The Pace of Listings on Binance May Slow Down
In a previous article titled “Is Coinbase Under Siege? Unraveling the Unsolved Mystery of Listing Fees at Exchanges”, we discussed the differing attitudes and internal processes regarding listing fees between Binance and Coinbase.
Among them, Binance's “Token Listing Guidelines” announcement mentioned that Binance divides its token listing announcements into sections such as application form, bonus points, penalty points, contact with Binance, evaluation, and fees. Additionally, in a previous response regarding the "listing process," Binance co-founder He Yi also stated that "Binance's listing process consists of four stages: business, research team, committee, and compliance review. According to exchange compliance requirements, all Binance employees must complete relevant mandatory compliance training. Furthermore, Binance has an independent audit team that specifically investigates such violations. If there is verified suspicion of information leakage or insider trading, Binance will immediately initiate legal proceedings to transfer the relevant personnel to judicial authorities, and those who are serious will face criminal liability."
Today, the "listing controversy" surrounding CHEEMS and WHY has led one to ponder: Perhaps it is time for Binance to slow down its listing pace while balancing market trends and community focus?
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