Binance announces new listings of ACX and ORCA
Recently, the widely-known cryptocurrency exchange Binance has declared the integration of two new constituents, namely the tokens ACX and ORCA. This announcement led to an immediate jump in their prices. As per the announcement, both coins would be added to the exchange opening trading possibilities as of 13:00 UTC, Dec. 6. The coin pairings available for trade on the exchange platform would primarily be ACX to USDT and ORCA to USDT. According to the announcement, users would be able to perform withdrawals from Dec. 7, 13:00 UTC.
Application of seed tags to new entries
Binance further clarified that these new coin additions would come with a seed tag, typically attached to fresh projects. Seed tags act as an indicator of potential high volatility and associated risk levels that could be starkly different from the other exchange-listed tokens. This decision is grounded on Binance’s commitment to informing and protecting its users.
Surge in prices post-announcement
The Binance announcement triggered a price surge for both tokens. Data from external sources suggest that the Across Protocol’s token in particular, witnessed a rise of around 147%, hitting an all-time high of $1.44 after the Binance listing announcement. As per the recent pricing updates, ACX is being traded at $1.41. In the previous week, this token has registered a 257.1% increase.
Market Cap and Trading Volume increases for ACX
The Across Protocol’s token currently has a market cap of around $647 million and a fully diluted volume of $1.4 billion. Additionally, the trading volume of this token observed a stark increase of 2,227% compared to the previous trading day, a probable effect of the listing announcement on Binance.
ORCA token experiences similar surge
The Binance announcement had a similar effect on ORCA, the prime token associated with Solana’s decentralized exchange. The price of ORCA rallied almost 90% within 24 hours of trade post the Binance listing announcement. At the moment of writing, ORCA is being traded at $7.74.
Market Cap and Trading Volume increases for ORCA
The ORCA token holds a market cap of $379 million and a fully diluted valuation at $718 million. Its trading volume witnessed a rise of 1,933% when compared to the prior day of trading. Quite evident that the Binance listing has caused a substantial stir in the crypto trading circle.
Seed tagging and access to trading
As part of the seed tagging process, users will have to answer quizzes based on the Binance Spot and Binance Margin platforms every 90 days. Additionally, they will need to accept the crypto exchange’s terms of use in order to continue trading the newly listed tokens, ACX and ORCA. This measure is to ensure users are consistently informed about the potential higher volatility and risks associated with new entries.
Disclaimer
Please note, that this article is for educational purposes only and does not serve as an investment advice. Any individual considering investing in cryptocurrency or associated exchanges must conduct thorough research and seek professional advice.
