This Cryptocurrency Explodes by 160% After Backing From Binance: Details Here

The cryptocurrency market is a sea of red today (November 5), with most leading digital assets posting substantial losses after yet another market collapse.

However, one lesser-known altcoin has soared by triple digits following support from the biggest crypto exchange.

The Impressive Pump

Binance added Momentum (MMT) to various programs, including Binance Simple Earn, “Buy Crypto,” Binance Convert, Binance Margin, and Binance Futures.

The announcement triggered a major rally for the digital asset, whose valuation briefly skyrocketed above $4, whereas its market cap surged beyond $800 million. In the following hours, however, MMT retraced to the current $1.16, representing a 160% increase on a daily scale.

Reactions of that type are nothing unusual, as backing from Binance boosts the liquidity and visibility of the involved cryptocurrency, giving it a significant reputation shot.

Momentum (MMT) is a recently launched token that has also received support from Upbit, OKX, LBank, and other leading exchanges. Its major price swings have captured the attention of industry participants, and some, like X user Honey, have labeled the project as a scam.

https://twitter.com/Honeyxgpt/status/1985928135930757182?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Other Binance Moves

Besides adding support for MMT, the company said it will delist the following spot trading pairs: INIT/BNB, IOTX/BTC, PEOPLE/BTC, RESOLV/FDUSD, RUNE/FDUSD, and USUAL/BTC. The effort did not cause any significant declines, as such are often witnessed when Binance terminates all trading services with certain cryptocurrencies.

That was the case towards the end of October when the firm delisted Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP). All affected tokens nosedived by double digits.

Earlier this month, KDA took another blow when Binance revealed it would close all positions and conduct an automatic settlement on the KDA/USDT perpetual contract. Axie Infinity (AXS) and Theta Network (THETA) also headed south due to the termination of the AXS/USD and THETA/USD perpetual contracts.

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