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AXL, the Axelar Networks native token, has recently taken center stage. This Web3 interoperability platforms token saw its value surge by over 30% after Binance, a leading global crypto exchange, announced it would list AXL.

This event has sparked significant interest among traders and investors worldwide.

Binances decision to list AXL, introducing trading pairs such as AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY, marks a pivotal moment for the token. Trading commenced on March 1 at 11:00 UTC, with withdrawals opening the following day. Furthermore, Binance tagged AXL as a seed token, acknowledging its inherent volatility.

The implications of Binances listing have been profound for the broader cryptocurrency market. Historically, tokens listed on Binance have witnessed considerable price volatility, and AXLs case is no exception. The tokens price trajectory has been upward, with derivatives data suggesting a bullish outlook among traders.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

This enthusiasm was further fueled by a traders swift gain of $56,000 from trading AXL post-announcement, highlighting the lucrative opportunities presented by such market movements. The traders ability to capitalize on the tokens price rally underscores the high-stakes nature of crypto trading, where timing and market sentiment play crucial roles.

This trader quickly spent 500,000 USDT to buy AXL 1 minute after Binance announced the listing of AXL. Then he sold AXL immediately and got 556,000 USDT. He made 56,000 USDT in only 8 minutes, Lookonchain elaborated.

The listing of AXL comes at a time when Binance is actively expanding its trading options, with the recent inclusion of other tokens such as Dymension (DYM), Pyth Network (PYTH), and the launch of the USDC-margined ORDI Perpetual Contract. These developments reflect the exchanges strategy to leverage the ongoing bull market to increase trading revenue.

Read more: 7 Best Binance Alternatives in 2024

Interestingly, this listing follows Binances recent removal of several tokens, including Monero (XMR), due to changing standards and compliance requirements. Along with Monero, Binance delisted Aragon (ANT), Multichain (MULTI), and Vai (VAI).

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This Web3 Token Soars 30% Amidst Binance Listing - BeInCrypto