Binance Triggers Temporary Explosion for Ethereum Staking Altcoin After Announcing Surprise Support
An altcoin staking project built on Ethereum (ETH) is exploding in value after a surprise listing on the world’s largest crypto exchange, Binance.
Binance abruptly announced listing Rocket Pool (RPL) on the exchange’s Innovation Zone, a trading space dedicated to crypto assets more prone to price volatility.
Rocket Pool is a decentralized Ethereum staking pool intended to lower capital and hardware needs to stake on ETH 2.0. The RPL token is used for governance and collateral.
On the day Binance announced the listing, the token shot up in price by about 60%, from the day’s low of about $30 to a high of $47.59.
The value of RPL has since dipped, changing hands at $33.10 at time of writing.
Binance’s listing comes about a month after top US crypto exchange Coinbase announced it was listing RPL.
When a token is listed by Binance, its price is frequently driven higher.
A study by crypto researcher Ren & Heinrich looked at 26 tokens added to Binance’s exchange for trade in the past 18 months. On average, prices of the tokens briefly rallied by an average of 41%.
The report found that after initial surges on the day of listings, price rises usually cooled off with the increase dropping to 24%.
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