Cryptocurrencies who are making the move to the new Binance Chain DEX are seeing some impressive price gains, which could open the floogates for many more to follow.
Chain Migrations Are So Hot Right Now
Shortly after announcing the launch of its mainnet yesterday, as well as the details for the BNB swap, Binance revealed that Mithril (MITH) will be the first project to see its token migrated on Binance Chain.
“MITH will be one of the first projects to migrate tokens onto Binance_DEX. Our community, thank you for your support!” said Changpeng Zhao, Binance CEO.
Additionally, the cryptocurrency exchange also announced that they will be adding support for MITH/USDT trading pairs today, April 19th.
As a result, MITH price [coin_price coin=mithril] surged. At the time of this writing, MITH is up more than 69 percent against the USD over the last 24 hours.
As seen in the above chart, MITH is doing very well when trading against BTC as well. Over the past day, it has marked an increase of about 57 percent.
Binance Midas Touch
While Mithril was the first project to announce its migration to Binance Chain, others are now following in its footsteps.
Red Pulse, a market intelligence platform which covers China’s economy and capital markets, has also revealed that it will be migrating to Binance’s blockchain.
Just as MITH, the price of Red Pulse’s token, PHX [coin_price coin=red-pulse] has also surged following the announcement.
Against BTC, the token surged more than 36 percent. However, its price has since pulled back a bit as PHX is up about 20 percent up at press time.
Another token ENJIN [coin_price coin=enjin-coin], belonging to Enjin wallet, is also seeing considerable gains after announcing it would support Binance chain alongside the ENJ/USDT ticker being listed on the Binance exchange.
— Enjin (@enjin) April 19, 2019
Incentive to Pump Price
Sudden increases in the prices of different altcoins following their migration to Binance’s blockchain surely remind of Ethereum and the ICO craze that saw prices saw to record highs when the total cryptocurrency market cap surpasses $800 billion.
Back then, a lot of newly issued tokens on the Ethereum network used to skyrocket in value following their initial coin offering, netting those who invested in them notable returns.
Of course, we have yet to see if Binance will become the new ‘token factory.’ But it will be interesting to see if more coins follow suit to Binance chain, particularly if it comes at the expense of Ethereum.
Admittedly, the incentive to pump their value after a 15-month bear market is certainly palpable at the moment.
What do you think of Binance’s blockchain and DEX? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock, TradingView