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New research indicates that being listed on the top crypto exchange by trading volume Binance leads to a brief rally in crypto assets of 41% on average.
A new study by crypto researcher Ren & Heinrich has analyzed 26 tokens that have been listed on Binance over the past 18 months.
The study indicates that an average price increase of 41% occurred on the first day after a listing. By day three, this price increase tended to drop to 24%.
The long-term impact of a Binance listing appears to be less bullish. The Ren & Heinrich study also notes that the assets stayed positive for an average of 22 days before turning negative.
Explains Ren & Heinrich,
“The biggest price increase usually occurs on the 1st day after listing. The magnitude of this advantage and how long the respective coin can maintain this positive trend varies from project to project.
For most coins and tokens, however, the positive momentum is relatively short-lived. After about two weeks, nearly half of all analyzed cryptocurrencies had lost their gains. Most of the coins with a negative price performance after two weeks were listed in the bear market. »
Last month, Binance rolled out support for Magic (MAGIC), the token that powers Treasure DAO, a project that aims to be a decentralized video game console that integrates games and non-fungible tokens (NFTs). The altcoin immediately went parabolic and posted gains of 82% after listing.
The altcoin is now trading at $0.476, down nearly 50% from its Dec. 12 high of $0.932.
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