Binance has generated new momentum in the cryptocurrency market by engaging with tokens like Morpho and Chill Guy Coin.
Binance Supports Morpho
Binance announced the listing of Morpho, a decentralized lending protocol on the Ethereum blockchain, with 75x leveraged futures. This resulted in a price surge of 85.8% for Morpho in the last 24 hours. Morpho is currently trading at $1.67 with a market capitalization of $221.3 million, ranking 347th among cryptocurrency projects.
Current Situation with Chill Guy Coin
Binance also announced its support for the Solana-based memecoin Chill Guy. CHILLGUY is trading at $0.55, reflecting a 12.3% increase in the past 24 hours, with a market value of $552.5 million, ranking 180th. However, its illustrator, Phillip Banks, has threatened legal action against the project due to unauthorized use of his drawing. Despite these complaints, other exchanges, such as Crypto.com and Gate.io, have also listed the token.
Impact of Binance's Initiatives on the Market
Binance's initiatives have sparked increased interest in projects like Morpho and Chill Guy, opening up new opportunities and discussions in the cryptocurrency market. The listing of Morpho demonstrates how quickly DeFi projects can gain value with exchange support. Despite legal issues around the Chill Guy coin, backing from exchanges underscores the resilience of memecoins in the market.
Even with the legal challenges faced by Chill Guy Coin, it continues to draw interest thanks to widespread exchange listings, showcasing the resilience of memecoins.
