Klaytn, a public blockchain project led by South Korean internet giant Kakao, recently announced the listing of its KLAY token on Binance. Shortly after the announcement, KLAY’s price rose over 50% from its 24-hour low of $ 0.8492 to a high of $ 1.2769 before declining slightly to settle at $ 1.00 at press time. However, there was more than one factor behind the rise in age.
➡️ https://t.co/wl1So36TeM pic.twitter.com/Mju7YgzTXn
– Binance (@binance) June 24, 2021
Binance is the world’s largest crypto exchange by volume and in this case the presence of the “Phenomenon of the crypto exchange pump “ is very real. In this regard, a Messari analyst had previously spoken about the Coinbase phenomenon,
“Coinbase listings have the highest average return at 91%, but they also have the widest spread from -32% to 645%.”
Similar returns and volumes have also been observed in connection with Binance offerings. KLAY’s already mentioned 50% price rally could be attributed to this “crypto exchange pump phenomenon” in connection with other external factors such as ecosystem-centric developments and higher search volumes. A similar rally has been seen in the prices of Dogecoin and Shiba Inu in the past after they were added to Coinbase.
That pumped up the price of the old
It’s been a while since KLAY hit his ATH on the charts. In fact, at the time of going to press it was almost 23% below the above level with a Break-even multiple from 1.30. However, the lowest trading price since its ATH was $ 0.733, and at the time of writing the asset was up significantly.
In fact, KLAY’s one-day chart has seen a surge of nearly 50% since news of its Binance listing began circulating. There was also an increase in capital inflows for capital inflows at this point in time Chaikin money Flow. HHowever, the indicator stayed below zero, underscoring the asset’s presence in the bearish territory.
On the contrary, the asset recorded an increase in trading volume of around 28.68 million on June 24, compared to 13.05 million in the previous session.
When looking at more long-term charts for KLAY, it’s noteworthy that the percentage of total stablecoin supply held by whales has steadily increased to more than $ 5 million. This is an indication of the increased confidence the whales have in KLAY’s performance. Subsequently, around the month of June, an increase in developer activity and contributor content for the asset was also observed.
These factors, coupled with Binance’s listing, have pushed the price of the old up high. Additionally, the listing’s announcement corresponded with a sharp increase in Klaytn’s Twitter followers, highlighting increased user interest.
Klaytn has in terms of ecosystem oriented updated recently. It recently made the Klip and Kaikas wallets as well as Klayswap available to users. The company’s Klip wallet reached over 1 million users in mid-June. They also developed new features like Definix, a Klatytn integrated platform for stakeout and crop farming.
Additionally, Klaytn announced two months ago that it is entering into a strategic partnership with ConsenSys to advance the integrated efforts of the Klaytn digital currency platform. At this time, the price of the Alt could also rise.
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