An altcoin staking project built on Ethereum (ETH) has exploded in value after suddenly listing on Binance, the world’s largest cryptocurrency exchange.
suddenly binance announced List Rocket Pools (RPL) in the exchange’s innovation zone – a trading space dedicated to volatile crypto assets.
Rocket Pool is a decentralized Ethereum staking pool that aims to reduce the capital and hardware requirements for betting on ETH 2.0. RPL tokens are used for governance and collateral.
On the day Binance announced its listing, the price of the token soared by around 60%, from a daily low of around $30 to a high of $47.59.
The value of RPL has since declined, to $33.10 at the time of writing.
Binance’s listing comes about a month after top US cryptocurrency exchange Coinbase announced the listing of RPL.
When a token is listed by Binance, its price is often higher.
A study by crypto researchers Len and Heinrich looked at 26 tokens added to the Binance exchange in the last 18 months. On average, the token price temporarily increased by an average of 41%.
After the initial spike on listing day, the price gains typically leveled off, falling to 24%, according to the report.
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