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Highlights
- Binance has added 5 new tokens as loanable assets to VIP Loan.
- The announcement remains optimistically eyed as this offering could drive demand and boost liquidity.
- Four of the five tokens witnessed a severe waning action, whilst one rallied nearly 30% in a day.
Binance has recently expanded trade offerings for Hyperlane (HYPER), SIGN, Initia (INIT), KERNEL, and WalletConnect (WCT) tokens. Via an official press release on Wednesday, April 30, the crypto exchange revealed that it is adding these tokens as new loanable assets on VIP Loan.
Meanwhile, traders and investors are left speculating whether the enhanced trade offering could impact the assets’ prices. At the time of reporting, 4 of these tokens witnessed a waning price action, whereas one extended intraday gains to nearly 30%.
Binance Enhances Support For HYPER, SIGN, INIT, KERNEL, and WCT
As per an official Binance announcement dated April 30, the CEX has added HYPER, SIGN, INIT, KERNEL, and WCT as new loanable assets on VIP loan. This announcement has ignited an optimistic market sentiment for the tokens, given that the new offering could enhance the tokens’ utility.
The 5 cryptos mentioned above could witness a surge in demand with this new offering on one of the top crypto exchange globally. Further, even liquidity remains primed to improve, thereby driving more trading for the coins. The upshot? broader sentiments about future price movements remain somewhat optimistic amid a broader bullish market.
For more details on the update, users can move on to the official Binance announcement.
However, despite the new offering by the CEX that boosted the market sentiment and exposure of these tokens, 4 out of 5 have witnessed a price fall. CoinMarketCap’s data signaled that KERNEL price dipped 5% intraday despite the enhanced exposure, closing at $0.1757. Further, the weekly chart for the token also illustrated a 10% crash, undermined by the broader market’s recent gains.
Similarly, HYPER price erased nearly 3% intraday and lost 27% over the week to reach $0.1963. WCT price also fell roughly 2% over the day and 4% over the week, reaching $0.3942. Even SIGN price fell 18% to $0.1016 intraday despite the abovementioned offering and numerous other token offerings from Binance. However, this crypto pumped nearly 50% over the week, reflecting optimism in light of listings on major CEXs.
Besides, INIT price has pumped by a remarkable 28% over the day and is currently sitting at $0.8482, undermining the other 4 crypto.
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