Binance has once again proven that it’s one of the most powerful exchanges on the planet, as yet another token listed on the platform sees mega gains. This time around it was the turn of Fantom – which was already listed on Binance DEX – to make its debut on Binance. In the hours following the listing, Fantom spiked a juicy 50%. From there on out, it built on those gains, but at a steadier pace.
Powering Smart Cities Around the Globe
For those of you that have never heard of Fantom, you better familiarize yourself – it’s a name you’re going to hear a lot from now on. Fantom is a powerful distributed ledger technology (DLT) stack that’s designed to power the smart cities of the future. It has the power to connect billions of IoT devices throughout smart cities to help them run more efficiently. This is a cause that’s dear to the heart of Changpeng Zhao – Binance CEO – and could be why Binance made the move to list the token on its exchange.
Binance Sending Tokens to the Moon
Last week we saw both Binance DEX and regular Binance list Harmony, an event that caused the token to explode by more than 800%. While ONE continued to pump for several hours after the listing, they were gains not worth chasing. Since the mega pump, Harmony is down just over 8%, taking it back to more reasonable trading levels. If we can learn anything from the Harmony listing event, it’s that these gains are simply FOMO and they won’t hold – so don’t go chasing profits that aren’t there.
Did Binance Cause Bitcoin to Pump?
Binance might have power over these small altcoins, but does it have the power to pump Bitcoin? Well, many people are starting to think that Binance was responsible for the recent Bitcoin pump. Just days after Binance was hacked, massive flows of Bitcoin started leaving crypto exchanges and heading into private crypto wallets. Binance was dubbed as the most secure crypto exchange around, so people losing faith in crypto exchange security could very well have been hinged on Binance. This huge outflow of Bitcoin led to a reduced liquidity pool on all exchanges and forced Bitcoin to trade at a premium.
Binance has the power to pump altcoins to the moon, and we’re looking forward to seeing the next token that lists head in that same direction. Fantom is helping smart cities grow and develop, while Binance is helping its token’s value climb higher.