Klaytn, a public blockchain project by South Korean internet giant Kakao, recently announced the listing of the KLAY token on Binance. Immediately after the announcement, KLAY price rose more than 50% from a 24-hour low of $ 0.8492 to a high of $ 1.2769 before falling slightly and stabilizing at $ 0.944 at press time. However, there are many other factors that determine this altcoin price.

introduction @klaytn_official $ KLAY on #Binance Launch pool!

farm #KLAY by staking out #BNB & #BUSD Token.

️ https://t.co/wl1So36TeM pic.twitter.com/Mju7YgzTXn

– Binance (@binance) June 24, 2021

“We present KLAY on Binance Launchpool! Cultivate KLAY by plugging BNB & BUSD ”.

Binance is the world’s largest exchange by volume and in this case the presence of the “Exchange Pump Phenomenon” is absolutely real. Similarly, a former Messari analyst did speak on the Coinbase phenomenon:

“Offers on Coinbase offer the highest average returns of 91%, but also have the widest range of grants from -32% to 645%.”

Similar returns and volumes were also achieved with listings on Binance. KLAY’s 50% rally mentioned above could be attributed to this “exchange pump phenomenon” along with other external factors such as ecosystem-oriented development and higher search volume. Previously, DOGE and SHIB prices also rose in a similar manner after they were added to Coinbase.

REDThing What? increased old prices?

So far it’s been almost 10 days since KLAY hit ATH on the charts. In fact, at the time of writing, it’s almost 26% below the one above with a break-even multiple of 1.34 at. Messari. However, the lowest trading price since ATH is $ 0.733 and at the time of writing the asset is up significantly.

KLAY / USD | Source: TradingView

• In fact, at one point on the 1-day chart, KLAY rebounded nearly 50% since the news about the Binance listing began circulating. According to Chaikin Money Flow, the inflow of capital also increased at the time. However, the indicator remains below zero, which suggests that the asset is in bearish territory.

In contrast, trading volume increased by approximately 28.68 million on June 24, compared to 13.05 million in the previous session.

If you look at the longer-term charts, it’s noteworthy that the percentage of total stablecoin supply from whales has steadily increased to over $ 5 million. This is a sign of the confidence the whales have in KLAY’s performance. Then, around June, developer activity and contributor content for that property also increased.

BILLIONPercentage of total stablecoin supply from whales (red) | source: Mood

These factors, together with the listing on Binance, drove the KLAY price up. Additionally, the listing announcement also resulted in an increase in Klaytn’s Twitter followers, underscoring the growing interest from users.

Recently, Klaytn is said to be aiming for an ecosystem-centered armament. The platform also offers users Klip Wallet, Kaikas Wallet, and Klayswap. The company’s Klip wallet reached over 1 million users in mid-June and also developed new features such as Definix, a yield farming and staking platform integrated into Klatytn.

Additionally, Klaytn announced two months ago that it is entering into a strategic partnership with ConsenSys to advance its integrated digital currency efforts. The token price also skyrocketed around this time.

Minh Anh

According to AMBCrypto

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