The world’s largest crypto exchange Binance appeared to turn bullish on Pepe Coin (PEPE), Pudgy Penguins (PENGU), BONK, EigenLayer (EIGEN) and etherfi (ETHFI). This unfolded as the crypto exchange confirmed removing the ‘seed tag’ from these altcoins.
The exchange applies seed tags to innovative crypto projects that may have higher volatility and risks compared to other listed altcoins. Adding seed tags offers an added warning to investors seeking to invest in these volatile tokens. It includes popular crypto such as MANTRA (OM), dogwifhat (WIF), and TRUMP.
Binance decided to remove the ‘seed tag’ from PEPE, PENGU, BONK, EIGEN, and ETHFI tokens after its latest findings in the periodic review. The exchange considers various crucial criteria, including the team’s commitment to its project and development activity, trading volume and liquidity, and community engagement and transparency.
PEPE price climbed 5% in the last 24 hours, with the price currently trading at $0.00001425. The 24-hour low and high are $0.00001347 and $0.00001456. Moreover, Binance’s announcement caused trading volume to increase by 73% in 24 hours.
BONK and PENGU prices saw a 4% jump to $0.00003397 and a 5% rise to $0.03229 after the announcement, respectively.
Meanwhile, ETHFI and EIGEN also rebounded with massive trading volumes. ETHFI price is up 3% to $1.34, whereas EIGEN price is trading 2% higher at $1.57.
Social sentiment and derivatives trading for the altcoins have already turned bullish, as per CoinGlass data. Expect an uptick in trading volumes and a broadening investor base. Traders need to watch for spikes in trading volumes to support entry into these altcoins.