A decentralized exchange (DEX) altcoin shot up to a new all-time high (ATH) this week after a surprise listing from the top crypto exchange by trading volume Binance.
Binance added trading services for Gains Network (GNS) on Thursday and GNS promptly jumped from around $7.50 before the listing to a new ATH of $12.48, a 66.4% increase.
The 142nd-ranked crypto asset by market cap has since retraced to $11.14, though it is still up 45.33% in the past 24 hours. GNS, which launched on November 1st, is up a staggering 259% since the start of 2023.
Gains Network developed gTrade, a decentralized trading platform that offers leverage trading up to 150x on crypto assets, 1,000x on forex, 100x on stocks, and 35x on indices. GNS is the project’s Ethereum (ETH)-based utility token.
Gains Network notes in a new blog post that gTrade set new all-time highs for trading volume, earnings and distributed profits in January.
The exchange’s traded volume shot up from $1.10 billion in December to $3.42 billion in January, and gTrade also saw a 14.1% monthly increase in users, with more than 10,000 traders now using the platform.
Binance listed the asset in its Innovation Zone, a dedicated trading space for crypto assets that could be more prone to rapid price swings.
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Source: https://dailyhodl.com/2023/02/18/fast-rising-altcoin-soars-66-percent-after-surprise-listing-on-crypto-exchange-binance/