Binance, the leading cryptocurrency exchange, has announced the listing of the HIVE token.
According to the official announcement, Binance will open HIVE/FDUSD and HIVE/USDC trading pairs, as well as enable trading robot services for these pairs, starting at 08:00 (UTC) on December 13, 2024.
HIVE Token Price Surge
Following the Binance listing announcement, the price of the HIVE token has seen a significant surge.
The current price of HIVE is $0.3435, representing an 14.49% increase in the last 24 hours and an 11.95% increase in the past 7 days.Â
With a circulating supply of 460 million HIVE, the token is now valued at a market capitalization of $162,961,911.
Impact of Prior Binance Listings
Binance’s token listings have historically had a substantial impact on the prices of the listed cryptocurrencies.
For example, when Binance listed the PONKE meme coin, the token price surged by 10% following the announcement of the PONKEUSDT perpetual contracts listing with 75x leverage.Â
Similarly, the listings of ACX and ORCA on Binance triggered price rallies of 134% and 66%, respectively, as the spot trading pairs ACX/USDT and ORCA/USDT went live on December 6, 2024.
Potential Factors Driving HIVE Price Increase
The significant price increase of HIVE following the Binance listing announcement can be attributed to several factors.
Firstly, the addition of HIVE to Binance’s platform, one of the largest and most influential cryptocurrency exchanges, provides increased visibility and accessibility for the token.
This, in turn, can attract more investors and drive up demand, leading to the observed price surge.
Future Implications and Opportunity
The Binance listing of HIVE is a notable event in the cryptocurrency market, as it highlights the exchange’s continued efforts to expand its offerings and cater to the growing demand for diverse digital assets.
This development presents HIVE and its associated projects with the opportunity to gain broader recognition and potentially attract new users and investors to the ecosystem.
As Binance’s influence continues to shape the crypto landscape, the HIVE listing could serve as a springboard for further growth and adoption of the token and the underlying blockchain technology.