What is Binance Alpha doing for token projects? FARTCOIN, MONKY, and others gain market traction

Source Cryptopolitan

Binance recently launched Binance Alpha, a new token listing mechanism designed to address the growing demand for early-stage crypto projects. The new platform is currently at the center of controversies after wrongfully announcing a batch of tokens that led to massive losses for investors.

The platform made headlines this week when it mistakenly posted a list of “alpha watchlist tokens” in a Telegram channel, triggering a rapid surge in the price of certain tokens. Among the listed projects were Wise Monkey (MONKY), Happy Cat (HAPPY), Rifampicin (RIF), Zircuit (ZRC), and ai16zeliza (ELIZA), all of which were touted as having “strong fundamentals” and “active communities.”

Binance quickly clarified that the information was erroneous. A spokesperson explained that unauthorized individuals had exploited a link shared by Binance’s Chinese language X account, setting up a fraudulent Telegram channel under the name “Binance Web3 Wallet Community” and publishing misleading information. 

Leaked Binance Alpha information: Source: Telegram

The exchange emphasized that no official announcements regarding Binance Alpha tokens are made outside of the Binance Wallet app, warning users against taking such posts as gospel.

What is Binance Alpha?

Binance Alpha is deemed as the solution to the increasing skepticism around token listings on crypto exchanges. The analog is unlike Binance’s traditional listing process, which typically involves rigorous vetting.

The platform allows users to directly participate in the price discovery of tokens through a “crowdfunding” model. Each cycle features a selection of tokens that users can vote on and trade, with the platform filtering and promoting the most promising projects based on trading volume and market interest.

This open approach aims to boost Binance’s liquidity and create a new avenue for investors to participate in emerging projects at an early stage.

Confusion and missteps fuel ‘pump and dump’ claims 

The first batch release misinformation sent the market into a frenzy, and some of the tokens mentioned soared before quickly plummeting after the exchange’s clarification of the matter. 

MONKY, saw a massive 38% spike in price before swiftly dropping by 22% after Binance’s official announcement. At press time, the token is changing hands at $0.00001658, after a price correction that almost saw it go back to its 24-hour high.

MONKY market price chart. Source: CoinMarketCap

At the time of the fake announcement, one unfortunate trader lost $102,000 within 12 minutes. The trader in question had purchased 1.42 million ELIZA tokens at $0.1376, only to sell them at a steep loss of over 50% after the price plummeted when the news was debunked.

Binance Alpha’s influence on tokens 

Despite the earlier confusion, Binance Alpha has continued to push forward with the introduction of new token projects to the market. The platform recently announced the third batch of projects to be featured, including FROG, AICell, CGPT, and MONKY on BNB Chain, TERMINUS on Ethereum, and CLANKER and LUNAI on the Base network. 

Binance Alpha had earlier revealed its second batch of featured projects, including CKP on BNB Chain, GEAR, SD, and SYRUP on Ethereum, as well as memecoin FARTCOIN on the Solana network. 

FARTCOIN is the most popular coin in the batch, recently topping $1 billion in market cap, despite the current market bloodbath, per Coinmarketcap data. 

At the time of writing, the token, trading at $1.08, is up by more than 20% over the last day, which could have been fueled by Binance Alpha’s listing announcement. Moreover, market analysts have observed that FARTCOIN’s price action aligns with a clear five-wave impulse pattern. 

FARTCOIN price: Source: TradingView

Recent movements suggest that the token has completed Wave 3, reaching the critical 1.618 Fibonacci extension level near $0.84. However, the token’s relative strength index (RSI) indicates overbought conditions, hinting at a potential Wave 4 correction on the horizon.

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