After Binance, the leading cryptocurrency exchange by trading volume, announced the inclusion of Axelar Network’s AXL token on its trading platform, the asset experienced a remarkable 70% increase in price. This surge was soon followed by a moderate decline. AXL, the native token of the Web3 infrastructure platform Axelar Network, has attracted significant interest from traders and investors worldwide, prompting a notable rise in value and trading activity.
Market Response to AXL Listing
Market data indicates a bullish trend for AXL, which aligns with the token’s recent uptick in price. Binance has a track record of influencing significant price movements for newly listed tokens, often generating excitement within the cryptocurrency community. Binance’s announcement set the stage for AXL’s spot trading pairs with Bitcoin (BTC), Tether (USDT), FDUSD, and Turkish Lira (TRY) to commence on March 1st.
Speculation and Profit-Making
The potential for a substantial price change following the listing has led to speculation among participants, drawing comparisons with other tokens that have either plummeted or soared post-listing. One investor capitalized on the AXL listing announcement, making an impressive $56,028 profit within 8 minutes by leveraging the token’s 20% price rally.
The introduction of AXL to Binance has spurred a dramatic 44% increase in the token’s price, currently valued at $2.16. The news also triggered a substantial 284.94% boost in 24-hour trading volume, escalating to $79.18 million, further indicating heightened market interest.
Moreover, the optimism is backed by data from Coinglass, showing a 52.99% surge in open interest and a 146.49% increase in trading volume for AXL. These figures suggest a robust market activity and an influx of liquidity for the cryptocurrency.