MAGIC token rises by 75% after listing announcement on Binance

The exchange will open spot trading of the asset in pairs with BTC, as well as BUSD and USDT stablecoins

12.12.2022 - 08:15

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What’s new? On December 12, 08:00 UTC, the Binance crypto exchange listed token Magic (MAGIC) in the Innovation Zone and opened spot trading of the asset in pairs with bitcoin, as well as Binance USD (BUSD) and Tether (USDT) stablecoins. The possibility of withdrawal of the asset will be available after one day. After the announcement of the placement on the platform, the value of MAGIC jumped by 75,17%, at the time of listing the asset is trading at $0,8495442.

MAGIC on Binance

What else is known about the listing? Within 48 hours of the listing, Binance will also add MAGIC as a borrowable asset in cross margin and isolated margin pairs with BUSD and USDT.

What is known about the Innovation Zone? It allows trading new tokens, which, compared to other assets, have more volatility and, as a consequence, carry higher risks. In order to trade in this designated zone, users need to fill out an application for assuming all risks (“Initial Disclaimer”). In addition, no restrictions are imposed on trading pairs in this zone.

What is known about MAGIC? It is a governance token for Treasure which is a gaming infrastructure project on Arbitrum. It includes products such as the Bridgeworld game, The Beacon protocol, and the Trove trading platform. MAGIC is used to buy and sell NFTs on Trove, staking, governance, and other gameplay functions.

On October 28, the price of the Osmosis token (OSMO) jumped by 24% to $1,62 after listing on the Binance Innovation Zone. As of December 12, the asset is trading at $0,919, down by 7,64% in 24 hours.

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