Centrifuge (CFG) Price Soars Following New Binance Listing

TL;DR:

• Centrifuge and its native token

$CFG

surged more than 71% in just minutes after being listed on the Binance exchange.

• The price moved from approximately $0.12 to around $0.20.
• Binance enabled

$CFG

trading in three pairs:

$CFG

/

$USDT

,

$CFG

/

$USDC

and

$CFG

/TRY, with the opening scheduled at 13:00 UTC.

**Centrifuge reported one of the most abrupt price spikes in the day when Binance said its native token $CFG would be added to its spot trading platform. The token climbed more than 70% within minutes, from prices near $0 to over 70 per cent. 12, to get $0. 20 and. The volume of its exploded, and reached $242 million – an increase of 15,000% to $142million. data recorded at the time of publication on CoinMarketCap shows its market capitalization, a value estimated at about $115 million. ****

The Power of Binance Listings

A statement from Binance’s official announcement says Centrifuge trading was enabled on March 16 at 1300 UTC in three pairs CFG/$USDT, $CFFG / USDC and $FCG-TRY. A business detail in this type of listing was typical, and the platform explained that token deposits would not be available until one hour after trading began.

The price behavior of Centrifuge responds to a popular phenomenon in crypto industry listings on top-tier exchanges generate immediate demand spikes, driven by traders who are expecting the sharp move and by investors that have access to the asset for the first time through broader-reach platform. Binance, the world’s largest-volume exchange, as it is the most widely used way to increase that effect significantly, adds up?

Gains with Centrifuge

The question is open whether the gains will be in the medium term, or not, as per the open question. If a listing is not the first time it will spark an aggressive rally followed by slack correction. The value of Internet Computer‘s token ICP, which was listed by Upbit, the top South Korean exchange and went up to a high near $3 just – one week ago, rose more than 16% after it became available for sale at an auction rate that reached around $2. 70.

This pattern is repeated often and the Centrifuge case does not seem to be an exception. If a withdrawal from intraday highs would indicate that part of the initial buying pressure has already been removed, although the token still trades well above its pre-announcement levels. This will be a factor in whether this growth consolidates or fades during the sessions ahead of time, depending on the strength of the project and sustained volume across the new pairs. *****

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