The “currency listing effect” failed? CHEEMS and WHY futures prices plummeted after listing on Binance

原創| Odaily星球日報（ @Odaily中國 )

作者：溫瑟（ @溫瑟2010 )

At 5:35 pm today, the long-awaited Which project will be listed on Binance next? guessing game was announced. BNB chain meme projects CHEEMS and WHY ushered in their highlight moments and were both listed on Binance Futures.

Early ambushers were looking forward to another price surge, but this time the script seemed a little different. With the release of Binances announcement , CHEEMS and WHY only lasted for a minute, and then the price fell by more than 30% in 1 hour . Even Equation News, which once claimed to be able to achieve millisecond-level tracking of Binance, suffered a big setback, losing hundreds of thousands of dollars, and angrily denounced the existence of insider traders destroying the sentiment of the trading market.

Odaily Planet Daily will briefly track the Binance launch of Meme coin in this article.

After listing on Binance, why did 模因幣 fall instead of rising?

As the undisputed exchange leader today, Binances coin listing effect has always been praised, and the reason is nothing but liquidity.

Previously, according to statistics from on-chain analysts , Binances trading volume in the past 30 trading days was 10% higher than Nasdaq, twice that of the New York Stock 交換 (NYSE), and 16 times that of Coinbase, accounting for about 50% of the global centralized exchange trading volume. It is no exaggeration to say that Binance is half of the 加密貨幣currency exchange. Information on Binances official website page 節目 that the total number of users has exceeded 240 million and is still growing rapidly. 根據 to CryptoQuant analysts , Binances stablecoin inflows hit a record high of $10.2 billion in the past month.

The huge user base and strong liquidity provide sufficient support for Binances currency listing effect, and the listing of meme coins such as ACT and PNUT has been verified time and time again. But this time, the news of CHEEMS and WHY listing on Binance failed to continue the previous myth.

After the Binance announcement, the price of WHY fell 34.84% in one hour , and its market value was temporarily reported to be US$104 million. The market value of Cheems fell below US$200 million , with a 24-hour drop of 19.82%.

CHEEMS WHY Short-term decline information

Such a tragic situation makes people think of the biggest possibility behind the market crash – insider trading. Is the emergence of CHEEMS and WHYs Sell the News really insider trading?

Insider trading suspicion: the various aspects of the crypto market

Based on the currently known information, it is unlikely that there is insider trading in the Binance Futures listing. The following is some on-chain data information:

• 根據 data disclosed by X user @_Allan_Wei_2022 , after Binance announced the launch of CHEEMS and WHY contracts, the trading conditions of the two major investors are as follows: The first large purchase of CHEEMS came from the address 0x94d5Dec1796404ff3544FB09461AF0bC3fb3c2F6 , with a total investment of about US$200,000. However, the address failed to profit from the volatility and eventually left the market with a halved loss, with heavy losses.

• The first large purchase address of WHY was 0x03b7C1414857Ae0bCa09116d4A01175D4d9B86ad , which also invested about $200,000. Unfortunately, during the transaction, it encountered the MEV sandwich attack (i.e., the strategy of preemptive trading and subsequent price increase) by the on-chain trading robot, and finally sold it quickly after buying, with a loss of only $25,000.

Equation News, which had made a profit of $3 million by relying on “millisecond-level transaction operations” when ACT was listed, became a “loser” in this incident, who “spent the whole day hunting geese but got his eyes pecked by them”.

30 minutes after the announcement of the listing, Formula News posted a message on its official channel : “To insider traders who participated in the Binance perpetual contract listing, please sell your chips slowly next time. The WHY and CHEEMS crash you caused this time is a 100% negative return for all those involved in the transaction. You are destroying the mood of the transaction.”

Screenshot of Formula One official channel

Of course, the on-chain data also reveals another side of the story:

• According to Lookonchain 監控 , three days ago, a whale with $6.4 million spent 400 BNB (worth $247,000) to buy 1.47 trillion WHY. The address is 0xa65ce1d604fa901c13aa29f2126a57d9032e412b. The current remaining assets of this address are $5.21 million.

• According to Onchain Lens 監控 , a newly-built wallet withdrew 552 BNB (US$363,000) from Binance yesterday to buy 1.17 trillion WHY and transferred all of them to Gate. Its address is 0x343997539c568b601559e73b977861babf2c1708 . This address transferred all WHY 到 0x8964a164a0e890ccf6a69e6bb00e1cb5774f3e98 yesterday and sold them at 6:43 pm tonight, earning a total of US$567,600 and making a profit of US$204,600. The on-chain record can be found here .

• In addition, according to the on-chain data, 0xbb8365B1BA2462ffDce9C894Ada84478f474Fefc bought 570 billion CHEEMS four days ago and sold them all within 1 minute after the listing company issued the announcement, with a final profit of about 1.21 million US dollars. The on-chain record can be found here .

Whether the above addresses are truly smart money or insider trading depends on ones own opinion.

Summary: Binance’s coin listing pace may slow down

在上一篇文章中 Coinbase under siege? Uncovering the unsolved mystery of exchange listing fees , we discussed the different attitudes and internal process settings of Binance and Coinbase regarding listing fees.

Among them, Binances Token Listing Tips announcement mentioned that Binance divided the token listing announcement into application forms, bonus items, deduction items, contact with Binance, evaluation, handling fees and other aspects. In addition, in the previous response to the currency listing link, Binance co-founder He Yi also 指出 Binances coin listing consists of four links: business, research group, committee, and compliance review. In accordance with the exchanges compliance requirements, all Binance employees are required to complete relevant mandatory compliance training. At the same time, Binance also has an independent audit team that specializes in investigating such violations. If it is verified that there is information leakage or suspicion of insider trading, Binance will immediately initiate legal proceedings to transfer the relevant personnel to the judicial authorities, and serious offenders will face criminal responsibility.

Today’s “coin listing controversy” of CHEEMS and WHY makes people wonder: Perhaps it is time for Binance to slow down its coin listing pace while taking into account market hotspots and community focus?

This article is sourced from the internet: The “currency listing effect” failed? CHEEMS and WHY futures prices plummeted after listing on Binance

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