Axelar (AXL) Price Soars 30% Amid Binance Listing Announcement

Highlights

Binance reveals plans to list the AXL token.
The announcement gained significant traction is Binance's listings have previously impacted tokens' prices.
AXL price rallies.

AXL, the native token of the Axelar Network, a Web3 interoperability platform, recently sparked immense curiosity among crypto market traders and investors globally as its price rallied nearly 30% as of press time. This phenomenal surge promptly nabbed substantial attention among crypto market enthusiasts across the market as it emerged amid Binance’s, one of the world’s leading cryptocurrency exchanges, plans to commence trading specific pairs for the AXL token.

The derivatives data further garnered bullish thoughts for AXL, aligning with the recent phenomenal rally. Meanwhile, with Binance’s previous listings resulting in noteworthy price action shifts for numerous tokens, crypto market enthusiasts extensively eye AXL as its listing comes.

A Closer Look Into Binance’s Listing Announcement

According to the statement released by Binance today, March 1, the CEX plans to open specific spot trading pairs starting today at 11:00 UTC. The new spot trading pairs, per Binance’s statement, AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY, will be available for trading starting the abovementioned date.

Meanwhile, withdrawals for the same start tomorrow, March 2, at 11:30 UTC. The listing fee set by Binance is 0 BNB, showcasing the CEX’s support for the listing. Whereas Binance also applied the seed tag next to AXL, showcasing the token’s recent listing along with its highly volatile and risky nature.

Intriguingly, with previous tokens’ listings, such as Ronin and BLUR, speculations of a pump or slump persist. Ronin dropped nearly 30% following Binance’s listing, whereas the Blur token rallied remarkably.

In the interim, a trader appears to have garnered a notable profit worth $56,028 in just 8 minutes with the help of AXL. Insights by Spotonchain revealed that this trader accumulated 317,322 AXL with 500K USDT right after Binance’s listing announcement surfaced and sold it for 556K USDT following a nearly 20% rally. This fueled market optimism orbiting AXL as the token’s price continued its upward momentum, nearing a 50% rally as of writing.

This trader just made $56,028 (+11.21%) in exactly 8 minutes!

He/she quickly bought 317,322 $AXL with 500K $USDT right after #Binance announced to list Axelar (AXL) at 11:30 AM on Mar-1-24 (UTC),

And then sold all tokens for 556K $USDT as the price surged up to 23% afterward.… pic.twitter.com/sEP5YHn1nR

— Spot On Chain (@spotonchain) March 1, 2024

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AXL Price Rockets

As of writing, AXL’s price jotted a staggering 46.50% surge over the past 24 hours and is currently trading at $2.28. With Binance’s listing announcement recently surfacing over the crypto horizon, the token’s 24-hour trading volume rocketed 284.94%, reaching $79.18 million. This fueled immense optimism for the upcoming listing.

While Coinglass‘ data further propelled optimism for AXL, with an open interest increase of 52.99% and a volume upswing of 146.49%. This hinted at substantial new money entering the market with burgeoning market activity. The OI-weighted funding rate for the token also showcased a remarkable surge, reaching 0.1859%, adding to the bullish climate painted by AXL.

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