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19 April 2021

Exchange tokens rally ahead of next week’s long-awaited Coinbase IPO

Exchange tokens rally ahead of next week’s long-awaited Coinbase IPO


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Four exchange tokens that have seen significant gains of late are Binance Coin (BNB), KuCoin Token (KCS), FTX Token (FTT) and WazirX (WRX).

Binance continues to be the most dominant cryptocurrency exchange in the sector and that strength has been reflected in the growth of its native BNB token which has climbed 875% since Feb.

The exchange has capitalized on the growth of DeFi by quickly listing popular and newly released tokens that would otherwise only be available on Uniswap and SushiSwap.

As seen in the chart above, the VORTECS™ Score for KCS began to climb on April 2 and reached a high of 79 on April 3, roughly 34 hours before the price began to rise 90% over the next three days.

Compared to other exchange tokens, WRX has been a slower mover in 2021 and price action for the token didn’t really get moving until early April when the platform revealed that it would launch a decentralized NFT marketplace

Trading volume and token price for WRX began to pick up on March 29 when WRX traded around $0.50 and the subsequent announcement of the NFT marketplace on April 4 led to a surge in activity that lifted WRX price more than 1,200% to an all-time high of $6.65 on April 5

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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