Centrifuge’s native cryptocurrency, CFG, surged over 60% in minutes following an announcement from Binance that it would list the token. The exchange will open spot trading for CFG against USDT, USDC, and the Turkish lira starting at 13:00 UTC. The price immediately jumped from around $0.12 to nearly $0.20 before stabilizing near $0.181. Such volatile price action is typical for major exchange listings, as seen recently with another token’s 16% gain on a South Korean platform.
The price of Centrifuge‘s CFG token skyrocketed more than 60% moments after Binance revealed its listing plans. According to the official announcement, spot trading for three pairs—CFG/USDT, CFG/USDC, and CFG/TRY—will commence at 13:00 UTC.
User deposits for the token will be enabled one hour after trading begins. The market reacted immediately, with CFG soaring from approximately $0.12 to almost $0.20.
The token has since retraced to trade around $0.181 at press time. Price moves of this magnitude are very typical of exchange listings, especially from leading names like Binance.
This pattern was observed just last week with another asset. CryptoPotato reported that the price of Internet Computer’s ICP token also soared by more than 16% upon its listing on the leading South Korean exchange Upbit.
That token reached a high of almost $3 but has since retraced to about $2.7. The market often exhibits this behavior when a new trading venue provides increased liquidity and access.
