- Binance has listed Voxies (VOXEL) futures, a cryptocurrency with a close to $20 million market cap.
- The announcement came as a surprise to many crypto investors.
- Voxies saw a significant 75% increase in value following the listing news.
Discover Binance’s newest addition to their futures market and the immediate impact on Voxies (VOXEL).
Binance Lists Voxies with 50x Leverage in Futures Market
Binance, the world’s largest cryptocurrency exchange by trading volume, recently announced the listing of Voxies (VOXEL) in its futures market, offering up to 50x leverage. This move has caught many investors off guard, particularly given VOXEL’s relatively modest market cap of $20 million before the announcement.
Impact on VOXEL’s Market Value
The announcement had an immediate and profound effect on Voxies’ market value. Prior to Binance’s announcement, VOXEL held a market capitalization of around $20 million. However, following the news, this figure surged to $45 million, marking a significant leap and highlighting Voxies’ potential growth. The decision to list such a low-market-cap altcoin has piqued the interests of many within the cryptocurrency community.
Speculation Surrounding Binance’s Decision
Binance’s choice to list Voxies has not gone unnoticed, especially given the vast array of altcoins available for listing. Some investors have speculated that this decision is linked to Binance Labs’ previous investments in the VOXEL project. Such connections often raise questions about the criteria and motivations behind altcoin listings.
Criteria for Binance’s Listings
Binance has previously stated that its listing policy includes factors such as project activity, founder communication skills, developments offered by the projects, and community engagement. The choice of VOXEL as a preferred listing has led to discussions and debates about whether it met all the required criteria adequately.
Market Reactions and Speculations
Following the listing announcement, Voxies’ price surged by roughly 75%, which, unsurprisingly, spurred numerous speculations. Investors are eager to see if this bullish momentum will continue or if it’s a temporary spike caused by the initial excitement. Notably, the listing of Voxies also brought attention to Binance’s strategy of listing lesser-known altcoins, which might set a trend for future listings.
Subsequent Listings and Their Impact
Shortly after the VOXEL listing, Binance also announced the inclusion of memecoin BRETT in the futures market. This announcement caused a 25% surge in BRETT’s value, indicating a pattern where Binance’s listing decisions are causing substantial short-term market movements. Investors now watch closely as Binance continues to influence market dynamics with its strategic listings.
Conclusion
The listing of Voxies (VOXEL) by Binance has created significant buzz within the crypto community. The immediate rise in VOXEL’s market value underscores the potential impact of exchange listings on cryptocurrencies. As Binance continues to list new altcoins, investors will need to stay informed and vigilant, making thorough research a crucial part of their trading strategy.
