Pop and dropThe hottest new cryptocurrency on the Binance block, NuCypher, gets prices rallying 32% on the back of its recent listing on the platform… before swiftly seeing its gains erased again. Doh.
On Friday, the cryptocurrency exchange platform Binance began listing the NuCypher token and sent prices soaring 32%, capping off a successful week for the hot new crypto. NuCypher, the native token of the network by the same name, was founded in San Francisco back in 2015 and essentially provides an extra layer of security and privacy on decentralized apps and networks that are built on public blockchains like Ethereum. This means that data owners are able to securely share sensitive data with a big number of users and to manage data on public platforms in a safe way. In this day and age, you can see why security-orientated software would take off.
Binance is the world's largest cryptocurrency exchange, and given the volume that the platform trades, it’s no surprise that a listing can send the popularity of a token soaring. It not only makes it easier to trade, it shows off the credibility of the token, and it’s been estimated that a Binance listing can cause cryptos to lift by up to 80%.
NuCypher saw some magnificent gains the week of its Coinbase listing back in December 2020, roaring ahead over 250%. In fact, that listing is largely to thank for where the crypto is today, making its name in the growing DeFi market with a market cap of $2.13 million.
The token is also in plans to make history with the world’s first decentralized merger; which will see NuCypher and encryption project Keep joining forces in a “hard merge” with the name Keanu, bringing together their protocols and communities, but not the companies themselves.
Sadly what goes up must come down though, and NuCypher saw its Binance gains erased this week with losses of over 30%, taking it pretty much back down to where it started.