On the day the US election results were announced, the world’s largest crypto exchange Binance declared the spot trading listing of Cetus (CETUS) and Cow Protocol (COW), leading to an uptick in the tokens’ value.
Both COW and CETUS decentralised exchanges exhibited a significant spike in their prices after the Binance listing announcement. Crypto traders invested in both the protocols’ tokens with renewed interest which resulted in a 75% surge for the two altcoins.
Usually listing announcements like this trigger an uptick in the liquidity of the concerned cryptocurrency as the user base of the token widens because of its availability on the crypto exchange. This acts as a stimulant for the price movement as it drives the market demand for the coin.
Binance highlighted that the CETUS/USDT and the COW/USDT trading pairs will be open from 12:00 UTC on November 7. The crypto exchange also enabled deposits for the CETUS and COW tokens before trading began so that crypto users could position themselves for the launch.
Both the tokens are available for withdrawals from the Binance crypto exchange from November 7 and there were no listing fees for them.
Both CETUS and COW are displaying the seed tag as high volatility and risks are expected for these tokens in comparison with other cryptos on the platform. Binance also informed that it will roll out spot copy trading for both and add bot support for the tokens. This bot will provide 24-hour support to the trading pairs as it hits the market.
The crypto exchange listing announcement led to a 79% surge in COW on November 6 as it crossed the $0.45 resistance level to trade at $0.458. This is the first time in 6 months the token has crossed the resistance level. At the end of the day, a 100% spike in the value of COW was observed.
Earlier in September this token drew the attention of crypto investors after it got listed on Coinbase. The decentralised protocol also bagged new funding from Greenfield Capital, a European venture capital firm on Tuesday, November 5. This also sparked an interest in the coin.
A wave of smart money went into the Cow Protocol as bullish sentiment soared in the crypto market this week over Donald Trump's US election win. This led to COW becoming the second most gathered cryptocurrency in the last 24 hours which points towards the strong upward potential of the token.
However, it remains to be seen if COW can challenge its annual high of $0.48 riding these factors. This will mark a 4% gain from its current price.
While this was happening, CETUS reached an all-time high of $0.32 with a 76% gain on November 6. The Binance listing announcement played a significant role in this surge. This decentralized protocol on the Sui network has drawn the traders' attention since its Kraken Pro listing in October. The protocol’s integration with the DeFi aggregator RaidenX further sparked an interest in it.
The altcoin is likely to go through a price discovery phase as it gets listed on the Binance crypto exchange. This is due to crypto traders' interest in cashing in the hype surrounding the token after the listing.
Although these surges in newly listed tokens are common many face the challenge of overcoming the selling pressure after the listing excitement has died down. This is because crypto traders capitalise on short-term gains once the listing hype is over. It remains to be seen if COW and CETUS meet the same fate.
As of November 7 morning, CETUS was up by 21.63% to trade at $0.3594 with a market cap of $210.45 million and a trading volume of $405.72 million while COW was at $0.538, up 26.91% with a market cap of $144.45 million and a trading volume of $369 million.