AXL, the native token of the Web3 interoperability platform Axelar Network, has recently aroused a great deal of interest among traders and investors in the cryptocurrency market worldwide, as its price has increased by around 30% as of this writing.
As of this writing, the price of AXL has increased by an astounding 33.40% in the last day and is currently trading at $2.06. Following the recent announcement of Binance’s listing, the token’s 24-hour trading volume surged by 284.94% to $79.18 million on the cryptocurrency horizon.
The world’s top cryptocurrency exchange, Binance, announced plans to start trading certain pairs for the AXL token at the same time as this incredible increase occurred, garnering significant attention from aficionados in the market.
As stated in Binance’s statement from today, March 1, the CEX intends to open certain spot trading pairs at 11:00 UTC today. According to Binance’s announcement, trading for the new spot trading pairs, AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY, will begin on the aforementioned day.
The derivatives data confirmed the optimistic sentiment that had been building for AXL and supported the recent extraordinary surge. As for AXL, traders are closely watching it as soon as it is listed because Binance’s past listings have caused notable price movements for many tokens.
Withdrawals for the same period begin tomorrow, March 2, at 11:30 UTC. Binance set the listing cost for 0 BNB, demonstrating the CEX’s support for the listing. In contrast, Binance also placed the seed tag next to AXL, emphasizing both the token’s recent listing and its high level of volatility and risk.
Interestingly, there are still rumors of a pump or collapse following the listing of earlier tokens like BLUR and Ronin. After Binance listed Ronin, the cryptocurrency fell by almost 30%, while the Blur token experienced a remarkable surge.
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