Axelar (AXL), the native token of the Axelar network, a Web3 interoperability platform, has seen a remarkable price increase of 30% in the last 24 hours, reaching $2.28 as of writing. The price rally was triggered by the announcement from Binance, one of the world’s leading cryptocurrency exchanges, that it will list AXL and open trading for four spot trading pairs at 2024-03-01 11:30 (UTC). The listing announcement has generated significant interest and excitement among the crypto community, as Binance’s listings have often influenced the price movements of various tokens.
Binance to list AXL with Seed Tag applied
Binance revealed its plans to list AXL and open trading for these spot trading pairs at 2024-03-01 11:30 (UTC): AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY. Users can now start depositing AXL in preparation for trading, and withdrawals will open at 2024-03-02 11:30 (UTC). The listing fee set by Binance is 0 BNB, showing the exchange’s support for the listing.
Binance also applied the Seed Tag to AXL, indicating that it is an innovative project that may exhibit higher volatility and risks compared to other listed tokens. The Seed Tag requires users to pass the corresponding quizzes every 90 days on the Binance Spot and/or Binance Margin platforms, and accept the Terms of Use, to gain trading access to the tokens marked with the tag. The quizzes are designed to ensure that users are aware of the risks before trading the tokens with the Seed Tag.
Binance advised users to exercise sufficient risk management, do their own research on AXL’s fundamentals, and fully understand the project before opting to trade the token.
Axelar: A Web3 interoperability platform
Axelar is an interoperability infrastructure that connects all types of blockchains, assets, and apps. It aims to enable seamless communication and value transfer across different blockchain ecosystems, without requiring any changes or integrations from the existing protocols. Axelar leverages the Cosmos SDK and the Tendermint consensus to create a decentralized network of validators that relay data and transactions between different chains.
AXL is the native token of the Axelar network, and it serves multiple purposes, such as:
- Securing the network by staking and delegating to validators.
- Paying for fees and gas for cross-chain transactions and data transfers.
- Participating in governance and voting on network upgrades and parameters.
- Accessing network services and products, such as bridges, oracles, and smart contracts.
Axelar has partnered with several blockchain projects and platforms, such as Avalanche, Terra, Polygon, and Celo, to enable cross-chain interoperability and expand the Web3 ecosystem.
AXL price rally and market sentiment
The announcement from Binance set off a notable price rally for AXL. According to data from CoinMarketCap, the altcoin experienced a surge exceeding 30%, reaching a trading price of $2.28 within 24 hours post-announcement. The fact that AXL’s price was around $1.54 before the listing announcement indicates that the majority of the surge is due to the listing.
The market sentiment for AXL is also positive, as the token has gained more attention and exposure from the crypto community. According to data from LunarCRUSH, a social media analytics platform, AXL’s social engagement has increased by 1,144.9% in the last 24 hours, and its social dominance has increased by 1,066.7%. The token’s social volume, social contributors, and social mentions have also increased significantly.
One trader appears to have made a notable profit of $56,028 in just 8 minutes by buying and selling AXL after the listing announcement. According to data from Spotonchain, the trader bought 317,322 AXL with 500K USDT right after the announcement, and sold them for 556K USDT as the price surged up to 23% afterward.
