Binance’s listing of ACX and ORCA has spurred significant price surges, though their “Seed Tag” warns traders of high risks.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
On Friday, leading cryptocurrency exchange Binance announced the addition of two tokens, Across Protocol ACX $0.41 24h volatility: 0.5% Market cap: $181.12 M Vol. 24h: $53.24 M and Orca ORCA $3.62 24h volatility: 13.0% Market cap: $192.07 M Vol. 24h: $94.26 M , to its platform. The listing news sent the prices of both tokens skyrocketing by triple-digit percentages within just an hour of the announcement.
The tokens will be available for trading on December 6 at 13:00 UTC with the spot pairs ACX/USDT and ORCA/USDT. Deposits are already live, allowing users to prepare for the launch, while withdrawals will start on December 7 at 13:00 UTC.
To mitigate risk, Binance has tagged these tokens with its “Seed Tag”, indicating high volatility and potential trading risks. This tag requires users to pass a risk-awareness quiz every 90 days to continue trading. Additionally, users must reaffirm their agreement with Binance’s Terms of Use periodically.
Across Protocol (ACX) is a cross-chain token bridge designed to facilitate seamless transfers between blockchain networks. The protocol leverages UMA’s optimistic oracle technology to achieve a balance between transaction speed and security. Its co-development of the ERC-7683 standard has also introduced a unified framework for cross-chain actions, boosting its appeal.
Following the Binance announcement, ACX’s market cap surged by 90%, reaching $186 million. On the other hand, the token’s price climbed 131% in the last 24 hours to $1.36. Over the past year, the token has achieved a ninefold increase in its market cap, showcasing its growth potential.
Interestingly, this surge in ACX value benefited a whale who earned a $2.56 million profit within hours. The investor, who acquired 12.03 million ACX at an average price of $0.12 between November 2022 and March 2024, sold 2.4 million tokens for $2.85 million shortly after the listing announcement.
Orca (ORCA), a decentralized exchange (DEX) native to the Solana blockchain, focuses on efficient token swaps within the ecosystem. With a total value locked (TVL) of $365 million, Orca remains a major player despite a decline from its $1.4 billion peak in November 2021, prior to the FTX collapse.
ORCA’s market cap now stands at $378 million, with its price almost doubling to $7.02 within an hour of Binance’s announcement. The token has gained over 90% over the past 24 hours, signaling strong investor enthusiasm.
While ACX and ORCA stole the show on Friday, the broader crypto market saw a slight dip. Bitcoin is trading at $98,300, down 4.2% over the past day. Investors are waiting for the altcoin rally, which mainly depends on Bitcoin dominance. The largest crypto’s dominance has slipped to 55 after hitting a yearly high of 61, which could signal a potential altcoin rally.
In related news, Binance Futures announced plans to delist certain perpetual contracts, including MAVIAUSDT and OMGUSDT, on December 16. The contracts will be delisted after the settlement is complete. This announcement has resulted in a major drop in these tokens’ values.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
