Cryptocurrency exchange Binance recently announced the listing of VELODROME, a token associated with the Velodrome Finance decentralized exchange.
This announcement had a significant impact on the price of VELO, Velodrome’s native token. According to on-chain analyst Yu Jin’s monitoring, within 24 hours of Binance’s listing announcement, the VELO token price surged by an impressive 155%, reaching $0.3913.Â
Binance’s listings are known to often trigger substantial market surges, and this case was no exception.
Investor Seizes Opportunity, Buys 2.45 Million VELO Within 1 Minute
Capitalizing on the market’s reaction to Binance’s announcement, a savvy investor made a strategic move.
Within just 1 minute of the listing news, this investor used approximately $390,000 worth of Ethereum (100 ETH) to purchase 2.45 million VELO tokens at a price of $0.159 per token.
This rapid acquisition of a large VELO position, timed perfectly with the Binance announcement, positioned the investor to reap substantial benefits from the subsequent price surge.
VELO Token Price Doubles, Investor’s Profits Skyrocket
The investor’s timing and decisiveness proved to be highly profitable. As the VELO token price quickly doubled in the aftermath of the Binance listing announcement, the value of the investor’s VELO holdings increased from the initial $390,000 to an impressive $820,000.
This represents a remarkable profit of approximately $430,000, achieved within a very short timeframe by astutely capitalizing on the market’s reaction to the Binance listing news.
Velodrome Finance (VELO) Price Surge Continues
The VELO token’s price momentum has continued after hitting its peak for the day at $0.4075 following the Binance listing announcement.
At the time of writing, the VELO token is priced at $0.3338, representing a 120.49% increase in the last 24 hours and a 125.92% increase over the past 7 days.
With a circulating supply of 870 million VELO, Velodrome Finance’s market capitalization currently stands at $293,794,999.
Significance of Binance Listings and Investor Opportunities
The impressive gains made by the savvy investor in this case highlight the significant impact that Binance listings can have on the price of associated cryptocurrencies.
Investors closely monitoring the cryptocurrency market and poised to act swiftly on such announcements may be able to capitalize on similar opportunities, potentially generating substantial profits in a short period.
However, it’s crucial to note that such rapid price movements also carry inherent risks, and investors should exercise caution and thorough research before making any investment decisions.
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