Altcoin Listed on Binance Skyrockets by 2400% on Debut: A Look into the Phenomenal Rise

  • Binance, the world’s largest cryptocurrency exchange, has listed its first altcoin project under the Megadrop initiative.
  • The first altcoin project added to the Megardrop token issuance platform, BounceBit (BB), was listed with the “seed tag” at 13:00 on May 13, with BB/BTC, BB/USDT, BB/BNB, BB/FDUSD, and BB/TRY trading pairs.
  • According to data from Binance, the altcoin, which was launched at $0.0238, opened at $0.6, representing a 2,421% increase.

Binance has listed its first altcoin project, BounceBit, under the Megadrop initiative, with the altcoin experiencing a significant increase upon its launch.

Binance Lists First Altcoin Project under Megadrop Initiative

Binance, the world’s largest cryptocurrency exchange, has listed its first altcoin project, BounceBit (BB), under its Megadrop initiative. The altcoin was listed with the “seed tag” at 13:00 on May 13, with BB/BTC, BB/USDT, BB/BNB, BB/FDUSD, and BB/TRY trading pairs. This move is part of Binance’s ongoing efforts to expand its platform and offer more diverse trading options to its users.

BounceBit Experiences Significant Increase Upon Launch

According to data from Binance, BounceBit, which was launched at $0.0238, opened at $0.6, representing a 2,421% increase. This significant increase highlights the potential of new altcoin projects and the impact of listing on a major exchange like Binance. However, the altcoin has since experienced a slight pullback, trading at $0.469 at the time of writing.

Binance Distributes Part of BounceBit as Reward

In conjunction with the Megadrop initiative, Binance has distributed a portion of BounceBit as a reward. Users interested in earning BB were required to lock BNB through the Binance web3 wallet. Binance distributed 168 million of the total 2.1 billion BB supply as a reward. This strategy not only incentivizes user participation but also helps to increase the circulation and visibility of the new altcoin.

Conclusion

The listing of BounceBit under the Megadrop initiative marks a significant milestone for Binance as it continues to expand its platform and offerings. The significant increase experienced by BounceBit upon its launch highlights the potential of new altcoin projects and the impact of listing on a major exchange. As Binance continues to innovate and expand, users can expect more diverse trading options and opportunities in the future.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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