Ethereum-Based Altcoin Explodes After Binance Lists Crypto Asset in Innovation Zone
An altcoin project built on Ethereum (ETH) is becoming even more explosive after getting the nod of approval from Binance, the world’s largest crypto exchange by volume.
Binance abruptly announced the listing of Magic (MAGIC) in their Innovation Zone.
Binance’s Innovation Zone is a dedicated trading space for crypto assets that could be more prone to rapid price swings.
MAGIC is the token that powers Treasure DAO, a project that aims to be a decentralized video game console that incorporates games and non-fungible tokens (NFTs). Treasure DAO’s infrastructure includes Trove, an NFT marketplace on Ethereum scaling solution Arbitrum, and a competitive gaming platform called Bridgeworld.
After Binance’s announcement, MAGIC went parabolic, running from $0.51 all the way to $0.93 in a matter of hours, marking a quick 82% gain.
Just last week, top US-based crypto exchange Coinbase announced that it was adding MAGIC on its listing roadmap. The announcement triggered a 25% rally for the ETH-based altcoin in a matter of hours.
Coinbase created the listing roadmap to reveal the crypto assets that the exchange plans to support in an effort to eliminate insider trading. Assets placed on the exchange’s listing roadmap don’t necessarily end up getting full support.
MAGIC started December off at $0.30, but the announcements from Coinbase and Binance allowed the altcoin to rally by 210% in less than two weeks. MAGIC has corrected from its December high and is currently changing hands for $0.75.
With a market cap of just nearly $220 million, MAGIC is still down 87% from its all-time high of $6.32, which it hit in February of this year.
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Featured Image: Shutterstock/Joorkan