After Pudgy Penguins and Simon’s Cat Hit Binance, Which Animal is Next?

- Binance Announces Listing of Two Major Projects - NFT-based Pudgy Penguins and IP-based Simon’s Cat [Unblock Media] Binance recently announced the listing of two major projects. The first project is Pudgy Penguins, and the second project is Simon's Cat. Pudgy Penguins is a project that was launched in 2021 on the Ethereum blockchain with a collection of 8,888 unique NFTs. The project has expanded into various fields, including a partnership with Walmart to launch a physical toy line and a mobile game. The $PENGU token operates on the Solana blockchain, and its market capitalization recently increased to $772.5 million, surpassing BAYC. The total supply of the token is 888,888,888, with 70.7% allocated for community activation and growth. Additionally, a portion of the $PENGU token is provided to NFT holders and the community, while 29.3% is allocated to the team and company. The $PENGU token is labeled as "seed," indicating that it is in an early trading stage, which suggests significant price volatility. By listing $PENGU, Binance is expected to significantly increase the trading volume and recognition of the $PENGU token. Simon's Cat is a meme coin themed after the popular animation about a hungry cat and its owner. This coin is supported on the BNB Chain and Solana blockchain and holds legal IP rights. On December 17 of this year, Simon's Cat was listed on Binance and surged by 50% in just one day. The trading volume increased tenfold, from $55 million to $500 million, and the open interest doubled to exceed $60 million. According to CoinMarketCap, the current price of Simon's Cat is $0.00006683, having risen by 67.50% in one day, with a market capitalization of approximately $451.12 million, ranking 224th among all digital assets. CoinDesk evaluated this phenomenon as a "bullish bias," increasing expectations for additional volatility. A bullish bias means the market currently has very positive expectations, which might lead to a short-term price increase. However, it should be noted that this upward trend can be highly volatile regarding its sustainability. Additionally, Simon's Cat's success could potentially decrease the valuation of other meme coins that lack IP. With legal IP, Simon's Cat secures security and reliability to provide more stability to investors, whereas meme coins without IP have faced legal issues and price declines. Both Pudgy Penguins and Simon's Cat possess unique strengths, but considering they are both in early stages and face liquidity issues, it's crucial to be cautious of future market volatility. Pudgy Penguins, due to its airdrop and significant initial distribution, has the potential to easily expose itself to a wide range of users from the beginning. However, as it is in the early trading stage, its price may exhibit substantial volatility. Simon's Cat shows high trading volume based on its strong IP and popularity, but there is a need to pay attention to price volatility to solve initial liquidity issues.