BlocksInform
WAXP, the native token of the Wax blockchain, has shot up over 126% in the last 24-hours as a direct result of being listed on Binance. Traders on the most popular crypto exchange can now trade WAXP against a variety of tokens, like BNB, BTC, and stablecoins.
The announcement that BINANCE would list WAX (WAXP) and open trading for WAXP/BTC, WAXP/BNB, WAXP/BUSD, WAXP/USDT trading pairs was made in a blog post by Binance at 5.30 am on the 23rd of August. Moreover, Users can now start depositing WAXP in preparation for trading with withdrawals for WAXP open from the 24th of August at 06:30 (UTC).
Looking at the chart, the impact of the Binance listing and subsequent announcement to its large community was notable. In the last 24-hours, the price of the token has surged over 126%. From around 0.18 to 0.47 at the time of writing.
The Wax blockchain is a layer-1 network built with virtual collectibles and gaming in mind. Users are required to stake WAXP tokens to access network resources (CPU, NET, RAM), which enables them to access dapps on the network. WAXP tokens can also be used to earn staking rewards, governance, and as payment for network transactions.
Power of Centralization
Cleary Binance’s centralized operations, marketing, and ability to communicate with a mass audience have helped here. A quick look at the Twitter post’s virality shows the impact more clearly with almost 600 shares and 1.8k likes. There was demand and the community responded in turn.
Still, the dust is settling and it will be interesting to see what the self-proclaimed ‘king of NFTs’ token price does in the near future. It’s been traditionally quite hard work to buy, trade, and leverage Wax tokens. Now, with its introduction to the biggest crypto exchange worldwide, it will be interesting to see what will happen.
Newsletter The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, NIOX, AGIX, MATIC, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, OMI, GO, SHIBA INU, AND OCEAN.
