This Altcoin Soars by Double Digits Following Support From Binance, Upbit: Details

TL;DR

• A low-cap altcoin has taken the principle stage on X due to an enormous surge over the previous day or so.
• Its spectacular worth enhance was doubtless triggered by backing from Binance and Upbit.

Reacting to the Information

Though a lot of the cryptocurrency market has turned inexperienced on a day by day scale, one low-cap altcoin has stolen the present. DeepBook (DEEP) shouldn’t be among the many high 100 membership, however has outperformed nearly all property from that checklist previously 24 hours.

Earlier right now (April 22), its worth was buying and selling at round $0.09. Simply an hour later, although, it jumped to a seven-week excessive of $0.16. DEEP’s peak was short-lived, and it later retraced to the present $0.11, which represents a 22% ascent for the day.

The rally was doubtless fueled by the help from the world’s largest cryptocurrency change as Binance Futures launched the DEEP/USDT perpetual contract with as much as 50x leverage. The product has no expiration date and permits merchants to wager on the worth of the cryptocurrency with out truly proudly owning it. 

The change clarified that futures and spot token listings are usually not correlated. This implies that a cryptocurrency listed on Binance Futures doesn’t assure that it will likely be added to Binance Spot. 

Upbit, which listed the DEEP/KRW buying and selling pair earlier right now, might have additionally contributed to the asset’s worth enhance. Thus, South Korea’s main crypto change doubled down on its backing for the token because it beforehand introduced the DEEP/BTC and DEEP/KRW pairs. 

Examples within the Previous

Help from main exchanges just like the aforementioned ones will increase the liquidity of the concerned cryptocurrencies, enhances their visibility and availability, and provides them a reputational enhance. 

Earlier this month, Binance placed the meme coin Cat in a Canine World (MEW) in its Binance Alpha part – a platform throughout the change’s ecosystem that serves as a pre-listing choice pool. The token’s worth rallied by 15% shortly after the inclusion. 

In February, Upbit introduced the buying and selling pairs TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT. The meme coin launched by US President Donald Trump pumped by 10% following the announcement.