Binance, a well-known cryptocurrency exchange, has announced plans to list the Axelar network’s native token, AXL, amid price rally.
Recently, AXL, the native token of the Web3 interoperability platform Axelar Network, ignited immense interest among crypto market traders and investors around the world as its price increased by nearly 30% as of press time.
This remarkable surge garnered considerable attention from crypto market enthusiasts worldwide as it surfaced amid Binance’s, a prominent global cryptocurrency exchange, preparations to start trading specific pairs for the AXL token.
In addition, the derivatives data generated favorable sentiment regarding AXL, which is consistent with the recent phenomenal rally.
Meanwhile, given that Binance’s previous listings prompted significant price movement fluctuations for several tokens, crypto market enthusiasts are closely observing the forthcoming AXL listing.
An Analysis of Binance’s Listing Announcement
Binance has announced in a statement today, March 1, that the CEX intends to commence specific spot trading pairs at 11:00 UTC.
The new spot trading pairs, AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY, will be available for trading on the date stated above, according to Binance’s statement.
In the interim, withdrawals commence at 11:30 UTC tomorrow, March 2nd.
Binance has established a listing fee of 0 BNB, which demonstrates the CEX’s endorsement of the listing.
In contrast, Binance marked AXL with the seed tag to indicate the token’s recent listing and its extremely volatile and risky nature.
Curiously, rumors of a pump or decline persist regarding the listings of previous tokens, including Ronin and BLUR.
The Blur token experienced a remarkable rally after Binance’s listing, while Ronin dropped nearly 30%.
Amidst this, it appears that a trader utilized AXL to generate a substantial profit of $56,028 in just 8 minutes.
According to Spotonchain’s Insights, this trader acquired 317,322 AXL for 500K USDT immediately following Binance’s listing announcement and sold it for 556K USDT after a nearly 20% rally.
Market optimism continued to revolve around AXL as a result, and as of this writing, the token’s price was approaching a 50% increase.
AXL Price Soars
Presently, AXL is trading at $2.28, reflecting a price increase of an astounding 46.50% in the past 24 hours as of this writing.
In the wake of the recent announcement of Binance’s listing on the crypto horizon, the token’s 24-hour trading volume surged 284.94% to $79.18 million.
This generated tremendous anticipation for the forthcoming listing.
Meanwhile, Coinglass’ data for AXL provided additional cause for optimism, as open interest increased by 52.99% and volume increased by 146.49%.
This indicated that significant fresh capital was entering the market while market activity was on the rise.
In addition, the token’s OI-weighted funding rate increased significantly, peaking at 0.1859%, which contributed to the bullish climate painted by AXL.
