A Cryptocurrency Surged 160% Following Binance's Support: Here’s What Happened
A lesser-known altcoin saw remarkable growth after receiving backing from Binance, sparking significant interest in the crypto market.
The cryptocurrency market faced a downturn today (November 5), with many prominent digital currencies experiencing notable losses following a market collapse.
Despite this, one lesser-known altcoin has experienced a remarkable 160% increase in value due to support from the largest crypto exchange.
The Rise in Value
Binance introduced Momentum (MMT) to several programs such as Binance Simple Earn, ‘Buy Crypto,’ Binance Convert, Binance Margin, and Binance Futures.
This announcement triggered a significant surge in the digital asset, which briefly rose to over $4, and its market capitalization exceeded $800 million. However, it later retraced to approximately $1.16, still representing a daily increase of 160%.
MMT Price
MMT Price, Source: CoinGecko
Such reactions are common, as backing from Binance greatly increases the liquidity and visibility for the cryptocurrency, significantly enhancing its reputation.
Momentum (MMT) is a newly launched token that also garnered support from other top exchanges like Upbit, OKX, and LBank. Its substantial price fluctuations have garnered attention in the market, with some, including Twitter user Honey, labeling the project as a scam.
Honey (@Honeyxgpt): $MMT Biggest Scam in Crypto History! 114M liquidated in a newly listed coin within just 24h. The highest short liquidation across the entire market. Even $BTC’s total short liquidation is just 56M. A few whales got wiped out alone with nearly 50M in losses. Pure manipulation at its finest.
Other Updates from Binance
In addition to supporting MMT, Binance announced it would delist various spot trading pairs: INIT/BNB, IOTX/BTC, PEOPLE/BTC, RESOLV/FDUSD, RUNE/FDUSD, and USUAL/BTC. This strategy did not lead to any major declines but typically follows any significant service terminations by Binance.
For instance, at the end of October, Binance delisted Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP), all of which saw steep declines.
Earlier this month, KDA suffered again as Binance revealed it would close all positions and automatically settle the KDA/USDT perpetual contract, impacting tokens like Axie Infinity (AXS) and Theta Network (THETA) negatively as well.
