Leading crypto exchange Binance announced in a statement yesterday that it will list a Cosmos (ATOM)-based altcoin. The listing announcement spurred the altcoin price into action.
Binance has launched trading services for Osmosis (OSMO). Osmosis is an automated market maker (AMM) protocol built on the Cosmos software development kit (SDK) that aims to enable cross-chain transactions using inter-blockchain communication (IBC).
In other words, we can consider Cosmos as a sandbox, Osmosis as an entity that can connect all various dApps.
Before Binance Announcement
Osmosis’s local government token, OSMO, was trading around $1.30 prior to Binance’s announcement and then quickly rallied over 33% to $1.73. The 209th-ranked crypto-asset by market cap has since retreated partially, trading at $1.59. Despite the price increase, it is still 85% behind the all-time high of $11.25 reached in March.
Finally, it’s worth noting that Binance has listed Osmosis (OSMO) in its Innovation Zone. The “Innovation Zone” is a specialized trading area for crypto assets that may be more prone to rapid price fluctuations.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.