- Binance’s announcement to offer Axelar’s AXL token led to a 50% price surge in just 8 minutes, resulting in a $56,028 profit for a trader.
- This sudden price increase was not unexpected, as Binance listings often result in quick price movements for newly listed coins.
- Axelar’s long-term price prospects remain favorable due to developer participation and cross-chain ecosystems.
On March 1st, cryptocurrency exchange Binance announced that it would offer Axelar’s AXL token, sending the price to surge by more than 50% in minutes. In an unusually rapid 8-minute trade, a wise trader profited $56,028 from this sudden price increase.
The price increase was not unexpected given Binance listings frequently result in quick and severe price movements for freshly listed coins. When a popular exchange, such as Binance, introduces a new trading pair, it rapidly exposes the currency to a large new audience and increases liquidity.
#Binance will List @axelarnetwork $AXL with Seed Tag Applied. https://binance.com/en/support/ann
In the case of Axelar, the price rose from $1.55 to $2 in minutes, peaking at more than $2.30, representing a significant 50% increase above pre-announcement levels.
Spot On Chain, an on-chain analytical site, reports that a trader made $56,028 (+11.21%) in just 8 minutes by taking advantage of the pump. He/she swiftly purchased 317,322 $AXL with 500K $USDT right after #Binance announced the listing of Axelar (AXL) at 11:30 AM on March 1-24 (UTC), and then sold all tokens for 556K $USDT as the price jumped up to 23%.”
The analysis focuses on the benefits of moving quickly in response to big exchange listing notifications and other potential triggers.
The Binance listing provides Axelar with the liquidity and exposure it needed to propel its price vertically. While the initial pump has subsided, Axelar’s long-term price prospects remain favorable, given the rise in developer participation and the foundation being set for cross-chain ecosystems. Its placement on Binance provides an important opportunity to broaden its community reach.
These catalyst-driven pumps provide an excellent opportunity for opportunistic traders monitoring social media and announcements to benefit quickly in the middle of turbulence. As the Axelar price action demonstrated, just 8 minutes was enough time to earn $56,000!
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
