A decentralised exchange token, Gains Network, (GNS) soars by more than 66% after listing on Binance platform.
Binance added GNS on Thursday and promptly jumped from around $7.50 before the listing to a new all-time high (ATH) of $12.48, representing a 66.4% increase.
Launched in November 2022, GNS is up a staggering 259% since the beginning of the year. The 142nd-ranked crypto asset by market cap has since retraced to $11.14, though it is still up 45.33% in the past 24 hours as of the time of writing this report.
GNS, which is a Polygon and Ethereum (ETH)-based utility project developed “gTrade”, a decentralised trading platform that offers leverage trading up to 150x on crypto assets, 1,000x on forex, 100x on stocks, and 35x on indices.
Investors King understands that GNS was listed in the exchange’s innovation zone, where young and highly volatile tokens are defined, making it a very risky asset to trade.
According to Binance, the Innovation Zone is a dedicated trading zone where users are able to trade new, innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens.
Although GNS recorded an impressive performance, the question however, is if GNS can sustain its impressive rally in the coming days.
At the time of writing, the weighted sentiment for GNS was positive, indicating a good response from the investors while the social buzz has also picked up in the last couple of days, signifying momentum for the new token.
Meanwhile, an unknown crypto trader makes more than $100,000 in less than an hour after GNS is listed on Binance.
On-chain data uncovered that only thirty minutes before being listed on Binance, the trader purchased Gains Network (GNS) tokens worth $208,335.
Following its listing, GNS experienced a remarkable surge of 51%, jumping from $7.92 to $12.01—allowing the trader to turn his (her) investment into profits of over one hundred thousand dollars in less than an hour.
