By being listed among the top crypto exchanges by trading volume, Binance drives crypto assets up an average of 41%, according to a new study.
new study Crypto researchers Ren & Heinrich analyzed 26 tokens listed on Binance over the past 18 months.
According to the study, an average price increase of 41% occurred in the first day after listing. By day three, that price increase tended to drop to his 24%.
The long-term impact of a Binance listing doesn’t look too bullish. Ren and Heinrich’s study also noted that wealth remained positive for an average of 22 days before going negative.
Ren and Heinrich explain:
“The largest increase in price usually occurs on the first day after listing. The magnitude of this plus and how long each coin can sustain this positive trend varies from project to project.
However, positive momentum is relatively short-lived for most coins and tokens. After about two weeks, nearly half of all cryptocurrencies analyzed were losing profits. Most coins with negative price performance after two weeks were listed in the bear market. “
Last month, Binance rolled out support for Magic (MAGIC). Treasure DAO is a project aiming to be a decentralized video game console that incorporates games and non-fungible tokens (NFTs). The altcoin quickly went parabolic, registering an 82% gain after listing.
The altcoin is currently trading at $0.476, down about 50% from its December 12 high of $0.932.
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