AXL, the native token of the Axelar Network, a Web3 interoperability platform, lately sparked immense curiosity amongst crypto market merchants and traders globally as its worth rallied practically 30% as of press time. This phenomenal surge promptly nabbed substantial consideration amongst crypto market fanatics throughout the market because it emerged amid Binance’s, one of many world’s main cryptocurrency exchanges, plans to begin buying and selling particular pairs for the AXL token.
The derivatives knowledge additional garnered bullish ideas for AXL, aligning with the current phenomenal rally. Meanwhile, with Binance’s earlier listings leading to noteworthy worth motion shifts for quite a few tokens, crypto market fanatics extensively eye AXL as its itemizing comes.
A Closer Look Into Binance’s Listing Announcement
According to the statement launched by Binance at present, March 1, the CEX plans to open particular spot buying and selling pairs beginning at present at 11:00 UTC. The new spot buying and selling pairs, per Binance’s assertion, AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY, will likely be out there for buying and selling beginning the abovementioned date.
Meanwhile, withdrawals for a similar begin tomorrow, March 2, at 11:30 UTC. The itemizing payment set by Binance is 0 BNB, showcasing the CEX’s assist for the itemizing. Whereas Binance additionally utilized the seed tag subsequent to AXL, showcasing the token’s current itemizing together with its extremely unstable and dangerous nature.
Intriguingly, with earlier tokens’ listings, reminiscent of Ronin and BLUR, speculations of a pump or hunch persist. Ronin dropped practically 30% following Binance’s itemizing, whereas the Blur token rallied remarkably.
In the interim, a dealer seems to have garnered a notable revenue price $56,028 in simply 8 minutes with the assistance of AXL. Insights by Spotonchain revealed that this dealer amassed 317,322 AXL with 500K USDT proper after Binance’s itemizing announcement surfaced and offered it for 556K USDT following a virtually 20% rally. This fueled market optimism orbiting AXL because the token’s worth continued its upward momentum, nearing a 50% rally as of writing.
This dealer simply made $56,028 (+11.21%) in precisely 8 minutes!
He/she rapidly purchased 317,322 $AXL with 500K $USDT proper after #Binance introduced to record Axelar (AXL) at 11:30 AM on Mar-1-24 (UTC),
And then offered all tokens for 556K $USDT as the worth surged as much as 23% afterward.… pic.twitter.com/sEP5YHn1nR
— Spot On Chain (@spotonchain) March 1, 2024
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AXL Price Rockets
As of writing, AXL’s worth jotted a staggering 46.50% surge over the previous 24 hours and is presently buying and selling at $2.28. With Binance’s itemizing announcement lately surfacing over the crypto horizon, the token’s 24-hour buying and selling quantity rocketed 284.94%, reaching $79.18 million. This fueled immense optimism for the upcoming itemizing.
While Coinglass‘ knowledge additional propelled optimism for AXL, with an open curiosity improve of 52.99% and a quantity upswing of 146.49%. This hinted at substantial new cash coming into the market with burgeoning market exercise. The OI-weighted funding price for the token additionally showcased a outstanding surge, reaching 0.1859%, including to the bullish local weather painted by AXL.
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