TL;DR

• Binance added new trading pairs, including PNUT/BRL and PNUT/EUR. PNUT’s price has surged 1,400% in two weeks, fueled by the company’s initial support and Elon Musk’s endorsements.
• Binance will also remove multiple trading pairs, including DAR/BTC and RARE/BRL. The move coincides with substantial price drops for affected tokens.

Additional Support for PNUT

The world’s biggest crypto exchange added seven new pairs to Binance Spot to “enhance user’s trading experience.” Those include PNUT/BRL, PNUT/EUR, ACT/BRL, ACT/EUR, CATI/USDC, ETH/EURI, and LUMIA/TRY. Users will enjoy zero maker fees for ETH/EURI “until further notice.”

Additionally, Binance enabled trading bot services for ADA/USDC, DOGE/USDC, SUI/USDC, and XRP/USDC, plus the pairs mentioned above. 

The firm warned that the new options will not be available to all clients. Those residing in Canada, the USA, Iran, the Netherlands, Syria, and other countries will be excluded.

Binance’s latest effort marks its further support for one of the most trending meme coins of late: Peanut the Squirrel (PNUT). The token’s price is up a staggering 1,400% on a two-week scale due to a combination of several factors. One of those includes Binance’s decision to list PNUT with a seed tag. 

The other elements are the overall meme coin frenzy and the backing from Elon Musk. One of the wealthiest people on the planet mentioned PNUT (directly and indirectly) multiple times on X, triggering a price spike for the asset. 

No More Support for These Pairs

Apart from expanding the list of choices on its platform, Binance regularly delists some existing ones due to poor liquidity or other reasons. 

It will remove the spot trading pairs DAR/BTC, IRIS/BTC, RARE/BRL, THETA/ETH, and UTK/BTC on November 22 and terminate access to the margin trading pairs C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, TKO/BTC on November 27.

Ceased support from a major cryptocurrency exchange like Binance often has a negative effect on the prices of the involved digital assets. After all, the move reduces accessibility and could lead to reputational damage. 

The majority of the affected tokens are in the red following the disclosure, with SuperRare (RARE) suffering the most. Its valuation has plunged by 8% daily, currently trading at around $0.11.

Solana’s so-called “social layer,” Bonk (BONK), has jumped back into the spotlight after a week of record-breaking performance.

On November 20, the popular token reached $0.000057, marking a new all-time high (ATH) after weeks of consistent growth. In the process, it overtook its rival dogwifhat (WIF) to regain its position as the leading meme coin in the Solana ecosystem.

A Comeback for Bonk

Dogwifhat, which flipped Bonk back in March, subsequently enjoying an extended period of dominance, has struggled to match the latter’s recent meteoric rise. In the last seven days, Bonk’s price went up by more than 72%, vastly outperforming its rival’s 13.7% gain.

The increase also means that the meme token outdid the global crypto market, which was only up 4.60% in that period, per data from CoinGecko.

At the time of writing, Bonk was up 11.5% over the last 24 hours, although it was still about 3% lower than the ATH set only hours earlier.

While dogwifhat made the headlines last week after getting listed on Coinbase, it has struggled to maintain the same growth trajectory as Bonk. Much of its activity still remains concentrated on decentralized exchanges (DEXs), limiting its exposure compared to Bonk’s more widespread appeal.

WIF’s current price of $3.35 is a far cry from its all-time high of $4.83 attained earlier in the year. Although its market cap is an impressive $3.33 billion, putting it at #45 on the list of largest cryptocurrencies, it now lags behind Bonk’s new $4.16 billion valuation.

Still, its nearly 14% jump across seven days means WIF still did better than the broader digital asset market as well as the meme sector, which registered an 8.20% uptick over the past week.

Bonk’s Ecosystem Fuels Resurgence

Some have attributed the reversal in fortune to Bonk’s dynamic ecosystem and strong community support. The meme coin was introduced in December 2022, after which it captured the imagination of Solana users with its promise to serve as the network’s social layer.

Projects like BONKbots and BONKSwap have emerged around the token, cementing its position as a cornerstone of Solana’s decentralized finance (DeFi) space.

Upcoming projects like the BURNmas initiative have also added to Bonk’s momentum. The community-driven project set to culminate on Christmas Day will remove as many as one trillion Bonk tokens from circulation to help improve its scarcity and potentially drive up its value even more.

Recently, meme coin trading was at the core of Solana’s DeFi sector, hitting a record $5 billion in daily trading volume for three consecutive days. Further, the surge in the price of BONK and WIF also helped push the blockchain’s monthly DEX volume past the $70 billion mark for the first time in its history.

Bitcoin charted a fresh peak of just over $94,000 yesterday but has retraced by less than a grand since then to remain above $93,000.

Cardano has popped up to be today’s top performer from the larger-cap alt, having surged by double digits to over $0.8.

BTC’s Latest Peak

The primary cryptocurrency peaked last Wednesday at just under $94,000 and started a week-long consolidation phase. It even retraced on a few occasions to under $90,000 and below $87,000. However, the bulls went back on the offensive at the start of this week with a surge to $92,000.

After a few unsuccessful attempts to overcome that line, BTC surged above it yesterday. Moreover, it kept climbing and broke $94,000 for the first time ever to register its latest all-time high of $90,040 (CoinGecko data).

This came amid reports that the asset’s FOMO levels are still quite low, which suggests that it could be primed for even more price gains in the near future and perhaps even challenge the $100,000 line.

As of now, BTC’s price tag means that its market cap has soared to $1.850 trillion on CG. Its dominance over the alts is also on the rise and is close to 57%.

ADA on a Roll

Most larger-cap alts are quite sluggish today. ETH, XRP, DOGE, AVAX, and SUI are with minor gains, while BNB, SOL, TRX, SHIB, and TON are with losses of up to 3%.

In contrast, Cardano’s native token has resumed its recent bull run with another double-digit surge. A 13% daily increase has pushed ADA to over $0.84 for the first time in eight months.

The other notable gainers from the larger-cap alts include LEO, XRO, BONK, and APT, with price jumps of up to 10%.

The total crypto market cap registered a new peak of over $3.250 trillion after adding over $50 billion overnight.