Crypto exchange Binance announced its latest listing, data-sharing platform Ocean Protocol’s token OCEAN.
Per the announcement,
Binance will list Ocean Protocol (OCEAN) and open trading for OCEAN/BTC, OCEAN/BNB, and OCEAN/BUSD trading pairs on 2020/08/17 at 8:00 AM UTC.
— Binance (@binance) August 17, 2020
The news was greeted enthusiastically by founder Trent McConaghy who tweeted,
“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”.
The protocol helps developers build marketplaces and other apps to securely publish, exchange, and consume data. As previously reported by Beincrypto, the project recently completed a decentralized data exchange project with Daimler.
Upon news of the Binance listing, the token price quite predictably started surging.
Traders Fooled by the Ocean
Prices initially shot up to $0.69 before settling at around $0.59 at the time of this writing. The price spike is just the latest example of the “Binance Effect,” where tokens get listed on Binance and, as a result, see their price explode.
There were even anecdotal reports on Twitter that some people were buying the wrong token in their haste to get in.
Lol people are also buying the wrong OCEAN and they’ve pumped this random shitcoin 40% also pic.twitter.com/UD3GsQKFf5
— Fumon (@FUMON__) August 17, 2020
Coinbase, another heavy hitter in the crypto space, is also considering listing OCEAN. In a blog post published at the end of July, Coinbase announced that it’s exploring the addition of a range of new assets, among these, the Ocean Protocol, Ampleforth, Band, Balancer, Blockstack, Curve, Fetch.ai, and a few others.