Major cryptocurrency exchanges Binance and Upbit today announced the listing of two altcoins, leading to significant price increases and increased market activity.
Meme coin PALU has been added to Binance’s Alpha platform. Meanwhile, Upbit has announced that it will be introducing trading support for Doodles (DOOD).
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PALU’s market value rises to over $80 million with Binance’s Alpha listing
PALU is a community-driven meme mascot token issued on the BNB chain. The token first gained attention after Binance founder Changpeng Zhao (CZ) reposted fan artwork featuring the CZ-themed PALU mascot.
This caused a huge pump, which was further amplified when Binance’s Alpha platform, which emphasizes emerging tokens, officially listed PALU. After the cryptocurrency went public, the token’s market capitalization skyrocketed from around $3 million to more than $80 million.
At the time of writing, PALU’s market cap had been adjusted to $74.4 million. The stock is trading at $0.77 today amid rapid developments, marking a year-to-date gain of 1,693.7%.
Additionally, the market suggested that memecoin’s strong performance and community appeal could make it a strong candidate for official listing on Binance.
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“Honestly, @palucto feels like the perfect mascot coin for Binance. I wouldn’t be surprised if it appears on Binance’s main list next,” the analyst wrote.
Nevertheless, behind the explosive rise, on-chain data reveals coordinated buying activity that fueled the surge. On-chain analysts pointed out that 12 addresses collectively purchased around $2.98 million worth of PALU after the announcement, contributing to the price hike.
Doodles (DOOD) hits record high after listing on Upbit
In addition to Binance Alpha, Upbit is also expanding its Spot platform offering today. In a recent notification, the exchange revealed that it will list DOOD and that trading will begin at 4:30 pm Korean Standard Time (KST).
This token can be traded against two pairs: Tether (USDT) and Korean Won (KRW).
“Deposits and withdrawals are only supported through the specified network (DOOD – Solana). Please check the network before depositing. Upbit’s supported DOOD contract address is DvjbEsdca43oQcw2h3HW1CT7N3x5vRcr3QrvTUHnXvgV,” Upbit said.
Following this announcement, the altcoin soared from $0.0066 to a high of $0.018, an increase of 178%. The latter also marked a new all-time high (ATH) for DOOD.
At the time of writing, the stock was trading at $0.014, an increase of nearly 126% since its announcement, and its market capitalization exceeded $120 million.
