Cryptocurrency exchange Binance announced on March 1st that it would be listing Axelar’s AXL token, causing the price to immediately pump over 50% in just minutes. One savvy trader managed to turn this quick price spike into a $56,028 profit in an incredibly short 8 minute trade.
The price pump was no surprise, as Binance listings often lead to rapid and extreme price movement for newly listed coins. When a top exchange like Binance offers a new trading pair, it instantly opens up the coin to a huge new audience and additional liquidity.
#Binance will List @axelarnetwork $AXL with Seed Tag Applied.
— Binance (@binance) March 1, 2024
➡️ https://t.co/93ubceRfJD pic.twitter.com/SeXNwmZJUn
In Axelar’s case, the price climbed from $1.55 to $2 in minutes, reaching over $2.30 at the peak – a massive 50% gain from pre-announcement levels.
According to on-chain analysis site Spot On Chain, one trader executed a lightning-fast set of trades to capitalize on this pump:
“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.”
The analysis highlights the opportunities that can come from acting fast around major exchange listing announcements and other potential catalysts. For Axelar, the Binance listing provided the liquidity and exposure boost needed to send its price vertical.
Axelar is a cross-chain communication protocol that aims to be the interoperability layer for Web3. It allows decentralized applications to message and transfer data between chains, unlocking new functionalities and use cases for DeFi, NFTs, and more.
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Show more +While the initial pump has cooled off, Axelar’s long term price prospects remain strong given the surge in developer adoption and the groundwork being laid for cross-chain ecosystems. Its listing on Binance offers a crucial gateway to expand its community reach.
For opportunistic traders monitoring social channels and announcements, these types of catalyst-driven pumps present the perfect chance to extract quick profits amidst the volatility. As the Axelar price action showed, just 8 minutes was enough time to pocket $56,000!
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