ORCA crypto skyrocketed with 90%gains after Binance listing, highlighting high potential and associated risks.
Binance, a major cryptocurrency exchange, made Orca (ORCA) prices jump after announcing its listing. ORCA’s value increased by over 90% in 24 hours showing strong interest from investors. Binance also listed Across Protocol (ACX), which experienced an even bigger jump of 131%. Both tokens, however, come with Binance’s “Seed Tag” warning, signaling high risks for traders.
What is ORCA Coin?
ORCA is a decentralized exchange (DEX) on the Solana blockchain known, for fast token swaps. Although its total value locked (TVL) dropped from $1.4 billion in 2021 to $365 million. It is still an important platform for decentralized trading on Solana. Currently, Orca is trading at $6.67 according to data from Coinmarketcap.
Key Highlights of the Binance Listing
The ORCA coin trading pairs became available on December 6, 2024, at 13:00 UTC.
Deposits opened before trading began, and withdrawals will be available on December 7, 2024, at 13:00 UTC.
Seed Tag Warning: Binance applied a Seed Tag to ORCA and ACX, highlighting their high volatility and associated trading risks. Traders must complete a risk-awareness quiz every 90 days to continue trading these tokens.
ORCA Crypto Price Surge and Market Impact
Following the Binance listing announcement, ORCA’s price nearly doubled, reaching $7.02 within an hour. This marked an impressive 90% surge in value in just 24 hours. Additionally:
Market Cap Growth: ORCA’s market cap climbed to $378 million, reflecting strong demand.
Trading Volume Spike: ORCA’s trading volume increased by over 4,600% compared to the previous day, showcasing a flood of investor interest.
ORCA’s value is rising because more traders are interested, and Binance is helping more people see and use the token.
What is Across Protocol (ACX)?
ACX is a cross-chain token bridge designed to enable seamless transfers between different blockchain networks. It utilizes UMA’s optimistic Oracle technology to ensure secure and efficient transactions. The protocol’s co-development of the ERC-7683 standard has further simplified cross-chain actions, enhancing its utility.
ACX’s Impressive Performance
ACX saw even greater gains than ORCA crypto, with a 131% price surge following the Binance listing. ACX’s price reached $1.36 within hours of the announcement. The market cap grew by 90%, reaching $186 million. However the ACX coin trading at $0.99 on Coinmarketcap.
Investor Profits: A major investor, often referred to as a “whale,” earned $2.56 million by selling 2.4 million ACX tokens after the price spike. This whale had acquired the tokens at an average price of $0.12 over the past two years.
Broader Crypto Market Trends
While ORCA coin and ACX coin saw significant gains, the overall cryptocurrency market experienced a slight decline. Bitcoin the largest cryptocurrency by market cap, dropped 4.2% to $98,300. Bitcoin dominance fell to 55% from a yearly high of 61%, signaling potential opportunities for altcoin rallies as investors diversify.
Caution for Traders
Binance’s Seed Tag serves as a reminder of the risks associated with these new listings. Tokens with this tag are generally more volatile and may not have established trading histories. Binance requires traders to pass a quiz every 90 days to ensure they are aware of these risks. Additionally, users must regularly agree to Binance’s Terms of Use to continue trading such high-risk tokens.
Related Binance News
In other news, Binance Futures announced plans to delist certain perpetual contracts, including MAVIAUSDT and OMGUSDT, on December 16, 2024. This announcement caused sharp declines in the prices of these tokens, reflecting market sensitivity to such changes.
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Conclusion
Binance’s listing of ORCA and ACX has brought significant attention to these tokens, with triple-digit gains in just a day. While these gains showcase the potential of newly listed tokens, traders should remain cautious due to their volatility and risks. As always, conducting thorough research and understanding the market is essential before making trading decisions.
Also Read: Fantom Crypto Market Insights: Price, News, and Historical Data
