The Binance effect: OCEAN token price bounces on Binance listing

The coin bounced immediately after the listing news on crypto exchange Binance emerged, dragging OceanEX with it.

Crypto exchange Binance has added the OCEAN token to its listing. The coin is associated with blockchain Ocean Protocol data sharing platform. From today the following pairs are available there: OCEAN/BTC, OCEAN/BNB and OCEAN/BUSD.

The news was well accepted. The Ocean founder Trent McConaughey welcomed Binance’s decision in his tweet.

The Ocean Protocol project helps developers to create platforms and other applications for secure publication, sharing, and use of data. The company recently completed a project for decentralized data sharing with Daimler.

After the news of the asset listing continued to circulate, OCEAN quotes began to rise.
It is curious that  a token with a similar name – OceanEX began to grow on rumors about the listing. The assets have nothing in common with the exception of the fact that both have a similar name. Probably, traders began to  buy the token hastily by mistake, and this pumped the altcoin.

Binance effect

Initially, the OCEAN token jumped to $ 0.69, after which it settled in the $ 0.59 area. This rise is just one of the latest examples of the so-called “Binance effect”, which manifests itself in the rally of tokens that get listed on a well-known exchange. For example, YFI’s DEFi token has recently skyrocketed by 50%, while Serum has risen 1000% after the announcement on Binance listing.
Coinbase, another popular cryptocurrency exchange, is also considering listing OCEAN. In late July, the company announced the addition of new assets, including Ocean Protocol, Ampleforth, Band, Balancer, Blockstack, Curve, Fetch.ai, etc.

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