OCEAN Token Skyrocketed By 30% After Binance Listing: Report

The OCEAN token increased by about 30% after it was listed on the Binance crypto exchange as we are reading more in the following altcoin news today.

The price of the blockchain-data sharing platform Ocean protocol, the OCEAN token increased by about 30% in a few hours following the listing on the biggest crypto exchange Binance. The founder of the platform Trent McConaghy said:

It's a pleasure for Ocean to be on Binance. I have huge respect for @cz_binance, @hiteck, @sunflora, @tamarincrypto and the rest of the Binance team. 🐠🐬🐙🐳 https://t.co/loEeurerai

— Trent McConaghy (@trentmc0) August 17, 2020

“It’s a pleasure for Ocean to be on Binance.”

The token increased initially to $0.69 before getting back to the current value of $0.57 according to CoinGecko. As per the reports, the developers of the Ocean Protocol want to create a way for people but as well as industries, governments, startups and more, to connect and share information at higher levels without compromising the proprietary data. In order to achieve this, OCEAN allows for building data services and marketplaces with the help of its blockchain technology, as McConaghy said:

“Ocean allows people to unlock the value of data without necessarily unlocking the data itself. It is a substrate to finally realize the potential of an open permission-less data economy while still preserving privacy.”

The latest price increase is the example of the “Binance Effect” where the tokens listed on the exchange see their prices rise considerably as the DeFi token YFI surged by 50% after the exchange announced they will be listing it. The Serum token also increased by 1000% after Binance announced they will list it as well. Coinbase on the other hand, another major exchange is also looking to list OCEAN but this is alongside a range of whole other coins. it seems that listing has confused the traders with the similarly named protocol OceanEX which also increased by 35% with no particular reason. This token is the native token of the OceanEX exchange which belongs in the Vechain Thor Blockchain ecosystem.

As in the recent Binance news, Binance coin staking will soon be available on the Binance chain testnet as the platform will distribute 3000 BNB in prizes to participants. The team at Swipe launched a $16 million SXP airdrop to the holders in a 12 week period. The team at Binance is known for keeping their head down in a building mode of the market environment as earlier this week the team at the exchange announced that BNB staking will be available on the Binance Chain testnet version.