Binance lists Compound (COMP), causes its price to surge

Earlier today, Binance listed a new crypto called Compound (COMP).
The listing came without warning, and at 0 BNB listing fee.
The move caused the coin's price to skyrocket by 25% and then retract by around 10%, leaving it at ~$230.

Binance is known for being an exchange with quite a lot of tokens listed, but even so, that doesn’t reduce the importance of any new listing that the exchange makes.

Binance’s variety of services, huge reach, and a developing ecosystem have made every crypto project want to find its way to its list of supported cryptos.

Compound surges again after the listing

This is why a crypto project Compound (COMP) saw a massive price surge when the exchange listed the coin without prior warning.

COMP’s price surged by about 25% after being listed, with its price going from about $210 to $260.

The token itself started trading only about a week ago, on June 17th.

It emerged with a price of $74, but it quickly surged to $300.

However, it started seeing a correction that took it back down to $210, but the drop was once again interrupted by the listing.

Binance announced the listing only a few hours ago, noting that the coin has four trading pairs, against BTC, BNB, BUSD, and USDT.

The exchange also warned its users that high price volatility is to be expected, which was already proven by the newest price performance.

Another noteworthy thing is that COMP’s listing fee was 0 BNB, which was also revealed in the announcement.

COMP was also listed on US-based Coinbase, which was also responsible for strong price growth.

About COMP

Compound itself is an ERC-20 token that powers the community governance of its Compound Protocol.

Owning the coin allows community members to vote on, propose, and debate future changes to the project.

At the time of writing, COMP saw another minor correction, and it currently trades at $227.61, after losing 2.75% of its price.

However, the coin trades in the green against both, Bitcoin and Ethereum, with its price going up by 1.11% against BTC and 2.26% against ETH.

Source: invezz.com

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