Published: January 29, 2025 at 1:04 am
Updated on January 29, 2025 at 1:04 am
Onyxcoin (XCN) recently took quite a tumble, losing over 40% of its value in just 72 hours after a two-week rally. But now, there’s chatter in the crypto community about a possible listing on Binance, one of the biggest crypto selling platforms out there. If this happens, it could drastically affect Onyxcoin’s market movement, especially considering the infamous “Binance effect” that usually sends prices soaring for newly listed tokens.
What’s the “Binance effect”? It’s that phenomenon where tokens get a massive price boost upon being listed on Binance. Some tokens, like ACT and PNUT, have seen their prices go up by incredible percentages—ranging from 2100% to 4500%—on their first day of trading on Binance. But, let’s be real, in a bearish market, those gains might not hang around for long. Recent research shows that while a Binance listing does give prices a quick jolt, many tokens struggle to keep those gains for more than a few months. Out of 31 tokens listed on Binance in the last six months, only about 16% have managed to hold their prices above the listing levels.
The growing social media presence of Onyxcoin is a big deal when it comes to its chances of getting listed on Binance. The project has seen a surge in followers—up from 39,000 just a week before the “Money and I” YouTube channel released a video. This kind of attention suggests that there’s a solid community backing the project, which is essential in the crypto exchange market.
A recent update on Onyxcoin’s official site has caught many eyes. The announcement revealed that the community nominated XCN for the Binance Next pool, with more details to come. If Onyxcoin gets listed on Binance, the price could skyrocket, thanks to the notorious “Binance effect” that usually follows new listings.
At the moment, Onyxcoin is trading on Coinbase, and it’s taken a 30% hit, dropping below the $1 billion market cap mark. The current price is $0.29, with support levels potentially around $0.22. Despite the recent dip, the creator from “Money and I” seems hopeful, thinking that this price pullback is necessary for the market to breathe and grow sustainably. He speculates that if the Binance listing actually happens, XCN might see another big price surge.
If Onyxcoin does get listed on Binance, it could have a huge impact on its market performance. The “Binance effect” often leads to massive price spikes, driven by increased visibility and trading volume. But again, in a bearish market, will those gains stick around? Investors should tread carefully, as historical data shows that most tokens listed on Binance might face significant declines within six months post-listing.
To sum it up, while a potential Binance listing for Onyxcoin could lead to quick price spikes, the long-term sustainability of those gains is uncertain, especially in a bearish climate. Keep an eye on the growing social media presence and community support for Onyxcoin, as well as the possible effects of a Binance listing. Always do your own research and be cautious when diving into the unpredictable crypto exchange market.
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