This Altcoin Soars by Double Digits Following Support From Binance, Upbit: Details

TL;DR

• A low-cap altcoin has taken the main stage on X due to a massive surge over the past day or so.
• Its impressive price increase was likely triggered by backing from Binance and Upbit.

Reacting to the News

Although most of the cryptocurrency market has turned green on a daily scale, one low-cap altcoin has stolen the show. DeepBook (DEEP) is not among the top 100 club, but has outperformed almost all assets from that list in the past 24 hours.

Earlier today (April 22), its price was trading at around $0.09. Just an hour later, though, it jumped to a seven-week high of $0.16. DEEP’s peak was short-lived, and it later retraced to the current $0.11, which represents a 22% ascent for the day.

The rally was likely fueled by the support from the world’s largest cryptocurrency exchange as Binance Futures launched the DEEP/USDT perpetual contract with up to 50x leverage. The product has no expiration date and allows traders to bet on the price of the cryptocurrency without actually owning it. 

The exchange clarified that futures and spot token listings are not correlated. This means that a cryptocurrency listed on Binance Futures does not guarantee that it will be added to Binance Spot. 

Upbit, which listed the DEEP/KRW trading pair earlier today, may have also contributed to the asset’s price increase. Thus, South Korea’s leading crypto exchange doubled down on its backing for the token since it previously introduced the DEEP/BTC and DEEP/KRW pairs. 

Examples in the Past

Support from major exchanges like the aforementioned ones increases the liquidity of the involved cryptocurrencies, enhances their visibility and availability, and gives them a reputational boost. 

Earlier this month, Binance placed the meme coin Cat in a Dogs World (MEW) in its Binance Alpha section – a platform within the exchange’s ecosystem that serves as a pre-listing selection pool. The token’s price rallied by 15% shortly after the inclusion. 

In February, Upbit introduced the trading pairs TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT. The meme coin launched by US President Donald Trump pumped by 10% following the announcement.