The meme token space is one that continues to evolve at light speed. On a seemingly daily basis, new cryptocurrencies are introduced looking to take advantage of speculative investor sentiment. One of the most recent tokens to garner a tremendous amount of attention is Baby Lambo Inu (BLINU-USD). Today, the BLINU crypto surged more than 20% higher, before giving up some of its gains. Currently, this token remains more than 14% higher over the past 24 hours.
This rise in the BLINU crypto comes following a key announcement. BitMart, a popular crypto exchange, announced the listing of the BLINU/USDT trading pair last week. Trading officially launched today at 11:00 a.m. Eastern.
Thus, it appears some rather bullish trading volume on BitMart is driving interest in this new meme token. Let’s dive into what investors are watching with this announcement.
BLINU Crypto Surges on Start of Trading
Much like an initial public offering, coin listings on popular exchanges can invite tremendous trading volume. For more speculative tokens like Baby Lambo Inu, this can be a good thing. While momentum in the crypto world remains cautiously bullish right now, more liquidity is generally positive.
Trading volumes and investor interest in these projects often matters more than anything. Investors in meme tokens gauge the prospects of these projects by the size of their communities. Therefore, more trading activity can signify better future upside prospects.
That said, the recent rug pull of another popular short-term trading vehicle, Baby Musk Coin, has some investors in meme tokens concerned. These micro-cap projects are ones with incredible upside potential, but also astronomical risk. Investors looking at any such cryptocurrency should be aware of these risks and trade accordingly.
On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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