u.today
In today's volatile cryptocurrency market, Axelar's AXL token has surged by an impressive 81% following the announcement of its listing on Binance, the world's largest cryptocurrency exchange. The listing news, which came directly from Binance, triggered a flurry of trading activity, propelling AXL's price to $2.73 per token, marking an astonishing increase from its pre-announcement level of $1.49.
The rapid price movement is a common occurrence associated with Binance listings, as traders anticipate increased liquidity and exposure. Notably, one trader capitalized on the news, making 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!
— Spot On Chain (@spotonchain) March 1, 2024
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
Axelar's meteoric rise comes amid its emergence to provide secure cross-chain communication for Web3. The project's decentralized network and suite of tools aim to facilitate seamless communication between decentralized applications (dApps) across different blockchains.
What is known about Axelar (AXL)?
Earlier this week, Axelar made headlines with its partnership announcement with Ripple. The collaboration aims to enhance interoperability within the XRP Ledger, paving the way for the tokenization of real-world assets. By leveraging Axelar's protocol, developers will gain access to over 55 blockchains, enabling the cross-chain deployment of dApps on the XRPL.
The partnership underscores Axelar's commitment to advancing blockchain interoperability and expanding the utility of decentralized finance applications.
As the cryptocurrency market continues to evolve, Axelar's strategic partnerships and listings on major exchanges like Binance position it for further growth and adoption within the blockchain ecosystem.