The Binance Effect has once again come into play. The world’s leading cryptocurrency exchange has recently announced that it will list Fantom (FTM) on its principal exchange. The coin was already trading on the Binance Chain and following the news it skyrocketed in value, increasing by more than 60 percent.
Fantom (FTM) Surging on Listing Announcement
Fantom (FTM) is going to be listed on the main exchange of Binance. According to the official announcement, the exchange will open for trading the following pairs:
The trading will begin on June 11th at 4:00 AM UTC. However, users are already allowed to start depositing their FTM to prepare for the launch.
As it’s always the case with Binance listing a new cryptocurrency for trading, FTM’s price surged immediately after the announcement.
As seen on the chart, the price marked a massive increase upwards of 60 percent in a matter of minutes. Perhaps somewhat expectedly, the price has since pulled back. Yet, at the time of this writing, Fantom is still about 35 percent up.
A First For Binance
What is even more interesting, however, is the fact that Fantom became the very first project to be listed on Binance DEX first and then subsequently listed on the main exchange.
— CZ Binance (@cz_binance) June 10, 2019
What this goes to show is the massive effect that the world’s leading cryptocurrency exchange, as well as its DEX, has on the market.
Fantom was listed on Binance Chain back in May. The day this happened, its price appreciated with about 25 percent. Now, the price surged by more than 60 percent. We saw a similar thing happening to Mithril back on April 18th as it became the first project to be listed on Binance Chain. Its price surged by 70 percent on the day.