- Velodrome Finance (VELO) surged over 128% in one hour after Binance announced its listing, with the price jumping from $0.1457 to $0.3341.
- Binance will begin trading the VELODROME/USDT pair on December 13 at 14:00 UTC, with deposits opening 2 hours prior.
- Historical patterns suggest VELO may experience a retracement after the initial listing excitement, similar to recent Binance listings like ORCA and ACX.
- The listing represents a significant milestone for the Optimism-based automated market maker, potentially boosting its adoption within the DeFi ecosystem.
Date: Fri, Dec 13, 2024, 08:55 AM GMT
The cryptocurrency market witnessed a massive spike in Velodrome Finance (VELO) today after Binance announced its listing. Velodrome Finance, an automated market maker on the Optimism network, saw its price surge by over 128% in just the last hour and the price jumped from a daily low of $0.1457 to an impressive $0.3341, more than doubling its value within a short span.
Binance’s Announcement
Binance, the world’s largest cryptocurrency exchange, announced that it would list Velodrome Finance (VELODROME) on its platform. Trading for the VELODROME/USDT pair is set to begin on 2024-12-13 at 14:00 (UTC), just five hours from now.
- Deposits: Open 2 hours before trading begins.
- Withdrawals: Available from 2024-12-14 at 14:00 (UTC).
This listing follows Binance’s trend of supporting emerging projects, bringing significant attention and liquidity to Velodrome Finance.
What To Expect Ahead?
While VELO’s performance is currently explosive, history suggests caution. Listing-related pumps often see retracements once the initial excitement settles. A similar trend was observed with Binance’s recent listings of ORCA and ACX on December 6, where both tokens saw significant gains initially but later dropped back to lower levels.
If VELO follows this pattern, it could experience a short-term dip, potentially revisiting its earlier lows. Long-term performance will likely depend on the token’s fundamentals and how well Velodrome Finance capitalizes on the increased visibility from the listing.
Final Thoughts
VELO’s Binance debut marks a significant milestone for the project and could boost its adoption within the DeFi ecosystem. However, traders should remain cautious, as volatility is expected. Always keep an eye on market trends and be prepared for potential price corrections.
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