Axelar Tokens Soars After Binance Listing
Axelar's AXL token has recently experienced a remarkable surge of over 80% in value.
This surge follows the exciting news of its listing on Binance, the renowned global cryptocurrency exchange. The announcement directly from Binance sparked a flurry of trading activity, catapulting AXL’s price to $2.73 per token. This surge is a significant leap from its pre-announcement price of $1.49.
The rapid movement in price is a familiar sight with Binance listings, as traders eagerly anticipate increased liquidity and market exposure. Notably, one astute trader managed to seize upon this opportunity, netting a substantial profit of $56,028 within just eight minutes of the listing announcement.
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.… pic.twitter.com/sEP5YHn1nR
— Spot On Chain (@spotonchain) March 1, 2024
Axelar’s recent meteoric rise coincides with its emergence as a key player in facilitating secure cross-chain communication for Web3. Its decentralized network and array of tools are designed to streamline communication between decentralized applications (dApps) across diverse blockchains.
Axelar recently made waves with its partnership announcement with Ripple, aiming to bolster interoperability within the XRP Ledger and enable the tokenization of real-world assets.
READ MORE: Stablecoin Project Suffers $6 Million Exploit
Through Axelar’s protocol, developers now have access to over 55 blockchains, enabling the seamless deployment of dApps across the XRPL ecosystem.
This partnership underscores Axelar’s dedication to advancing blockchain interoperability and expanding the reach of decentralized finance applications.
As the cryptocurrency landscape continues to evolve, Axelar’s strategic collaborations and listings on major exchanges like Binance position it for further growth and integration within the blockchain ecosystem.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
