RPL rate rises by 24% after listing on Binance

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

18.01.2023 - 09:30

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What’s new? On January 18, cryptocurrency exchange Binance announced the listing of Rocket Pool (RPL) token in the platform’s Innovation Zone. Trading in pairs with BTC, as well as BUSD and USDT stablecoins, was opened at 08:00 UTC, and the possibility to withdraw tokens will become available on January 19 at 08:00 UTC. Within 48 hours, Binance will also add RPL as a leveraged asset for margin pairs with BUSD and USDT. After the listing announcement, the asset jumped by 24,5%, from $32,22 to $42,67. As of 09:30 UTC, the value had corrected to $36,95.

Announcement on the Binance blog

What is known about the Innovation Zone? It allows one to trade new tokens, which compared to other assets have more volatility and, as a result, 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 the project? Rocket Pool (RPL) is a decentralized derivative provider of liquid ETH staking. The project combines node operators with staking participants in a pool and then returns rETH to stakers to maintain liquidity and control over tokens. RPL is used as the utility token and governance token, which is required to gain node operator status.

In December 2022, the price of the MAGIC token rose by 75% after the listing was announced on Binance. In October, the price of the Osmosis (OSMO) token jumped by 24% after listing on Binance’s Innovation Zone. In the same month, the price of the token of the Aptos (APT) blockchain platform increased by 10 000% immediately after the opening of trading on Binance.

Analyst Ren & Heinrich conducted a study of the impact of the Binance listing on token prices. Thus, on the first day after listing the value of assets increases on average by 41%, but after 22 days the rate begins to decline.

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