What is Binance Alpha doing for token projects? FARTCOIN, MONKY, and others gain market traction
The post What is Binance Alpha doing for token projects? FARTCOIN, MONKY, and others gain market traction appeared on BitcoinEthereumNews.com.
Binance recently launched Binance Alpha, a new token listing mechanism designed to address the growing demand for early-stage crypto projects. The new platform is currently at the center of controversies after wrongfully announcing a batch of tokens that led to massive losses for investors. The platform made headlines this week when it mistakenly posted a list of “alpha watchlist tokens” in a Telegram channel, triggering a rapid surge in the price of certain tokens. Among the listed projects were Wise Monkey (MONKY), Happy Cat (HAPPY), Rifampicin (RIF), Zircuit (ZRC), and ai16zeliza (ELIZA), all of which were touted as having “strong fundamentals” and “active communities.” Binance quickly clarified that the information was erroneous. A spokesperson explained that unauthorized individuals had exploited a link shared by Binance’s Chinese language X account, setting up a fraudulent Telegram channel under the name “Binance Web3 Wallet Community” and publishing misleading information. Leaked Binance Alpha information: Source: Telegram The exchange emphasized that no official announcements regarding Binance Alpha tokens are made outside of the Binance Wallet app, warning users against taking such posts as gospel. What is Binance Alpha? Binance Alpha is deemed as the solution to the increasing skepticism around token listings on crypto exchanges. The analog is unlike Binance’s traditional listing process, which typically involves rigorous vetting. The platform allows users to directly participate in the price discovery of tokens through a “crowdfunding” model. Each cycle features a selection of tokens that users can vote on and trade, with the platform filtering and promoting the most promising projects based on trading volume and market interest. This open approach aims to boost Binance’s liquidity and create a new avenue for investors to participate in emerging projects at an early stage. Confusion and missteps fuel ‘pump and dump’ claims The first batch release misinformation sent the…
Filed under: News - @ December 19, 2024 2:29 pm