Binance Triggers Temporary Explosion For Ethereum Staking Altcoin After Announcing Surprise Support

Binance Triggers Temporary Explosion For Ethereum Staking Altcoin After Announcing Surprise Support

An Ethereum (ETH)-based altcoin staking project is exploding in value after a surprise listing on the world’s largest cryptocurrency exchange Binance.

Binance abruptly Announced listing Rocket Pool (RPL) on the exchange’s Innovation Zone, a trading space dedicated to crypto assets most prone to price volatility.

Rocket Pool is a decentralized Ethereum staking pool aimed at reducing capital and hardware needs for staking on ETH 2.0. The RPL token is used for governance and collateral.

On the day Binance announced the listing, the token price shot up by about 60%, from a daily low of about $30 to a high of $47.59.

Since then, the value of RPL has dipped, changing hands at $33.10 at the time of writing.

Binance’s listing comes about a month after major US cryptocurrency exchange Coinbase announced that it would list RPL.

When Binance lists a token, its price often increases.

A study by crypto researcher Ren & Heinrich analyzed 26 tokens added to the Binance exchange for trading in the last 18 months. On average, token prices briefly rose by an average of 41%.

The report found that after initial increases on the listing day, price increases generally cooled, with the increase falling to 24%.

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