Minswap Labs, the leading decentralized exchange on the Cardano blockchain, is taking strategic steps to have its native token, MIN, listed on the largest cryptocurrency exchange, Binance.
The team at Minswap Labs recently revealed their plans in a post on their official X account. According to the update, they have filed an application for MIN to be listed on Binance.
This move comes as a response to MIN’s low trading volume and market capitalization, which currently stands at $29.4 million, placing it at the 802nd position on CoinMarketCap’s ranking. By getting listed on Binance, MIN is expected to experience an increase in trading volume and market share. The listing will expose MIN to millions of investors and traders on the exchange, potentially boosting its market value.
It’s worth noting that Minswap Labs applied for the listing through Binance’s recently announced program that aims to foster a healthy crypto market environment. This initiative by Binance aims to address the growing concern over dishonest token launches characterized by inflated valuations and limited circulating supplies.
Such launches involve projects releasing a small number of tokens initially, creating artificial scarcity to drive up prices. However, these projects often hold onto a larger reserve, which they may sell later, thereby negatively impacting retail investors.
To combat this trend, Binance has taken steps to support promising small and medium-sized projects with solid fundamentals. The exchange has opened applications for projects to participate in its listing program, which includes options like direct spot listing, Mega Drops, and Launchpools.
It’s important to note that Binance only accepts projects that allocate a significant portion of their tokens to the community, maintain a reasonable token supply at launch, and limit allocations to non-community users. Additionally, Binance gives priority to projects with an organic user base and a commitment to responsible regulatory and compliance practices.
While the listing application for MIN is still pending on Binance, the token has recently been listed on MEXC, one of the top centralized exchanges. MEXC launched the MIN/USDT trading pair on May 28, along with a $50,000 airdrop reward pool. Currently, MEXC and CoinEX are the only leading centralized exchanges that have listed MIN.
Interestingly, following the announcement of the listing, MIN’s trading volume has increased by 218% to $198,350, according to CoinMarketCap data. Of this figure, MEXC commands $152,054, representing 76.58%. The listing on Binance is expected to further boost these trading figures.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
