The token of the blockchain-based game and DeFi protocol Aavegotchi (GHST) experienced a remarkable increase of approximately 37% following an announcement of support from Binance.
Binance and Aavegotchi (GHST)
On September 23, Binance officially announced the launch of the Aavegotchi (GHST) perpetual contract (GHSTUSDT). As reported in a last-minute update, trading commenced today. Users can leverage up to 75 times on the token. In light of this announcement, the token price surged by approximately 37%, significantly impacting the protocol.
GHST Token Rises
The price of GHST rose by about 37% within the last 24 hours, reaching $1.201. The coin recorded intraday low and high points of $0.8713 and $1.21, respectively. Traders responded positively to the announcement, increasing the coin’s trading volume by 1103% to $17,757,512.
Impact of Listing on the Crypto Market
Today's price increase appears directly linked to the newly listed perpetual contracts; similar instances have been noted with other tokens previously. For instance, the price of the TON-based Catizen (CATI) surged by over 30% upon its listing on the same exchange. Likewise, the altcoin FIDA within the Solana ecosystem saw significant gains due to the futures contract listing on the exchange.
The listing of GHST Coin on the Binance exchange and the introduction of new futures contracts have led to a substantial price increase for the token. This development once again highlights the impact of major exchange listings on projects within the cryptocurrency market. Investors should exercise caution regarding price movements triggered by such announcements.
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