Binance Just Tested a New Way to Pump a Coin
Major cryptocurrency exchange Binance just added a new way to pump the price of a coin to its arsenal. Now, coins skyrocket not only after the usual listing announcements, initial exchange offerings or moving on the Binance blockchain. The news that the first coin, listed on Binance DEX, is going to be also traded on the main Binance exchange starting June 11, sent the price of the coin up by almost 50% in a half an hour before it dropped by 21%.
The exchange announced that it will open trading for FTM/BNB, FTM/BTC, FTM/USDT, FTM/TUSD, FTM/USDC and FTM/PAX trading pairs on June 11, 4:00 UTC. FTM (Fantom), which is the native token of a smart contract platform, was listed on Binance DEX, the non-custodial exchange recently launched by Binance, on May 28, and now is joining the main exchange for free, according to the announcement.
However, after the initial pump & dump scenario, the coin has somewhat recovered and is still up by more than 38% in the past 24 hours, by more than 48% in the past week and by 240% in the past month (12:11 PM UTC). Its total market capitalization is USD 55 million, its current rank being 105.
FTM price chart:
The exchange’s CEO, Changpeng Zhao tweeted the congratulatory message, which indicates that Fantom is not the first coin on Binance DEX that might play the pump & dump scenario on the Binance listing news:
Congratulations $FTM. The first project to go from @Binance_DEX to @binance. First of many! https://t.co/gs6OZT3zsp
— CZ Binance (@cz_binance) 10 June 2019
Now, FTM is listed on 13 exchanges, according to CoinMarketcap.com.
Source: Coinmarketcap.com, 12:22 PM UTC.