80% Surge for This Cryptocurrency After Binance Listing (Hint: It’s Not PI)

TL;DR

• The listing announcement sent XUSD soaring 80% to $1.80 before quickly returning to its $1 target as a stablecoin pegged to the US dollar.

• Despite 86% community support, PI still awaits support from Binance.

The Brief Spike

The world’s largest crypto exchange announced that it will list StraitsX USD (XUSD) on March 19. The trading pair available to users from that date is XUSD/USDT, which will initially be the subject of a zero-fee promotion. 

“During the Promotion Period, all eligible users can enjoy zero fees on XUSD/USDT spot and margin trading pairs (if applicable),” the disclosure reads.

Support from a crypto behemoth such as Binance often positively impacts the price of the involved digital asset. XUSD exploded by nearly 80% shortly after the announcement, reaching almost $1.80.

Later on, though, it retraced back to $1 (where it’s supposed to be). After all, XUSD is a stablecoin issued by the licensed payment institution StraitsX and is pegged 1:1 with the American dollar. 

According to Binance’s statement, the asset “enables near-instant transactions, streamlining financial operations and bridging the digital and traditional financial ecosystems” with the stability of the greenback. 

“The XUSD smart contract was developed to integrate digital and traditional financial ecosystems, leveraging the stability of the U.S. Dollar. Beyond payments, XUSD can be used for cross-border remittances, on-chain trading, decentralized finance (DeFi) applications, corporate treasury management, and merchant settlements,” the company added.

PI Will Have to Wait a Bit Longer

The latest Binance listing might have disappointed some crypto community members who expect to see Pi Network’s native token live on the platform. 

PI became publicly accessible on February 20 when the project launched its Open Network. The exchanges that embraced the coin on day 1 include Bitget, OKX, MEXC, and others. 

Binance was also rumored to jump on the bandwagon. It even held a community vote to determine whether its users would want to see the asset available for trading, and over 86% of the voters clicked the “yes” option. Regardless of the overwhelming support, the exchange remains silent on the matter.

A potential greenlight would increase the token’s liquidity and visibility and possibly trigger upward pressure for the price. Currently, PI is worth roughly $1.37 (per CoinGecko’s data), representing a 20% decrease on a two-week scale.

The post 80% Surge for This Cryptocurrency After Binance Listing (Hint: It’s Not PI) appeared first on CryptoPotato.