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The native token of Web3 platform Axelar Network, AXL, has garnered significant attention among traders and investors globally, with its price surging by 70% as of the time of writing and then experiencing some pullback. This surge occurred following the announcement by Binance, the world’s top exchange by volume, that it would list the AXL token.
AXL Binance Listing
Derivative data from the market has further bolstered bullish sentiments for AXL, in line with the recent price movements. Meanwhile, the listings on Binance have historically led to notable price movements for many tokens, exciting crypto enthusiasts about the listing.
According to an announcement made by Binance today (March 1), trading was set to commence, and it has indeed started in the past few hours. Binance announced that the new spot trading pairs AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY have begun trading services from the aforementioned date.
On the other hand, as with previous token listings like Ronin and BLUR, there is ongoing speculation about a potential price increase or crash. Ronin saw a drop of about 30% following its Binance listing, while the Blur token experienced a significant rise.
Meanwhile, an investor reportedly made a substantial profit of $56,028 in just 8 minutes with AXL.
According to data provided by Spotonchain, this investor bought 317,322 AXL with $500,000 immediately after Binance’s listing announcement and sold it for $556,000 after approximately a 20% rally. Consequently, market optimism surrounding AXL increased, and the token price continued its upward trajectory.
AXL Price Rockets
As of the time of writing this article, AXL’s price has surged by 70% in the last 24 hours, followed by a pullback, and is currently trading at $2.16, up by 44%. The listing news from Binance had a significant impact, resulting in a 284.94% increase in the token’s 24-hour trading volume. The value rose to $79.18 million following the surge.
On the other hand, data from Coinglass has increased optimism regarding AXL, with open interest up by 52.99% and volume up by 146.49%. This reflects the strengthening market activities and the liquidity entering the market for the altcoin.
