Binance Set To List Velodrome Trading Pair, VELO Price Jumps 155%

In a move that is sure to excite the crypto community, Binance has announced the upcoming listing of Velodrome Finance (VELODROME) on its platform. 

According to the official announcement, Binance will list the VELODROME/USDT trading pair on December 13, 2024, at 14:00 UTC. 

Users will be able to deposit VELODROME tokens 2 hours prior to the start of trading, and withdrawals will be enabled at 14:00 UTC on December 14, 2024. 

This highly anticipated listing is expected to bring increased visibility and liquidity to the Velodrome project.

Velodrome (VELO) Price Skyrockets 155%

Following the news of the Binance listing, the price of Velodrome Finance (VELO) has seen a remarkable surge. 

As of today, the VELO price stands at $0.3913, representing a staggering 155.02% increase in the last 24 hours and a 167.07% price jump over the past 7 days. 

With a circulating supply of 870 million VELO, the project’s market capitalization has now reached $348,287,137, showcasing the significant investor interest and enthusiasm surrounding this development.

Past Binance Listing Effects on Token Prices

Binance’s announcements of new token listings have historically had a notable impact on the prices of the corresponding cryptocurrencies. 

For instance, when Binance confirmed the listings of COW and CETUS tokens, their prices surged by 73.9% and 87.8%, respectively, in the lead-up to the trading pair launches. 

Similarly, the HIVE token saw a 14.49% price jump following Binance’s announcement of new trading pairs. 

This pattern of substantial price rallies after Binance listings underscores the exchange’s influence and the excitement it generates within the crypto community.

The “Binance Effect” on Meme Tokens

Binance’s impact on token prices extends beyond just utility-focused projects. Even meme tokens have benefited from the “Binance effect.” 

For example, a playful “Touch some Grass” meme post by Binance sparked a 14% surge in the price of the GRASS token, signaling the exchange’s ability to drive market sentiment and investor interest.

Implications and Future Outlook

The Binance listing of Velodrome (VELO) represents a significant milestone for the project, as it will expose the token to a much broader audience and potentially attract new investors and users to the Velodrome ecosystem. 

This event, coupled with the substantial price increase, underscores the continued influence and importance of major cryptocurrency exchanges in shaping the crypto market landscape. 

As the industry evolves, the impact of such listings is likely to remain a key factor in the performance and adoption of various blockchain-based projects.