Binance Portfolio Growth, Adding a Coin Every Day
The Binance portfolio is growing quick, with new altcoins added almost every day. The latest 2 assets added, Streamr (DATA) and Enjin Coin (ENJ) got an immediate boost. With the latest 2 additions, the listings on Binance are already 348. But most coins are only seeing very small volumes, after calming down following the initial hype.
DATA reacted to the listing immediately, most probably due to bot activity that affects the coins soon after listing. DATA added more than 18% overnight to $0.13 but after few hours hype is reduced and now it’s -2% with $0.12, and has appreciated as rapidly as the near-vertical climb in December.
— Binance (@binance) June 8, 2018
DATA is near its peak against Bitcoin, at more than 1,710 Satoshi. The absolute peak was above 2,200 Satoshi. DATA is a token especially created to facilitate a data marketplace.
Enjin Goin (ENJ) has not appreciated as rapidly, adding 15% overnight while remaining in its usual range, at around $0.11. ENJ had its peak at $0.43, and 3,189 Satoshi, and is now only halfway to peak BTC values. ENJ is a token that is especially built to serve a gaming ecosystem and a marketplace for virtual goods.
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— Enjin (@enjin) June 8, 2018
ENJ is also the better-represented asset, also listed on KuCoin and OKEx. DATA is listed on smaller exchanges, so the addition of Binance could make a bigger difference.
The ENJ token may see a better activity, as Binance has started a competition campaign, giving away 1 000 000 ENJ for big holders, a factor that has helped raise the prices and public profile of several coins and tokens, including Ontology (ONT), and ZenCash (ZEN).
Binance listings have been proposed for numerous assets. However, some unexpected listings have happened last few days, while other coins seem to be unable to appear onto the marketplace. Prominent coins like KIN have abstained from wider listings, and others, like Electroneum (ETN), have been unable to muster the fees, or even mount a listing campaign, at least for now.
QuarkChain (QKC), a recently listed coin, has remained volatile, wiping out 15% overnight in the first week of trading. QKC came with a volatility warning, and is still in a price discovery stage, with unknown prognosis. A Binance listing does not ensure robust volumes, and bot activity is always affecting the price disproportionately.