Binance has a reputation for helping tokens shoot to the moon, as most tokens that go through its ecosystem end up seeing huge gains. That being said, Harmony (ONE) gained a whopping 800% almost as soon as it hit the Binance DEX, with more than $682.5 million worth of trade volume at its peak. It’s the first token to launch on regular Binance as well as the DEX at the same time. This combined with the huge amount of hype Harmony managed to drum up before the listing helped the token take flight so epically.
Not Worth Chasing
If you were hoping to jump on the ONE mega-pump, you’re a little too late. While the token is starting to pick up again, it looks like the large scale action is all done – for now at least. Trying to chase this pump and the potential gains could leave you with a huge hole in your pocket, so it’s best to wait a couple more weeks for a dip. If it does pump before, we can get in on the action during the next dip, we’re going to write it off as being bitten one too many times.
Binance DEX Geo-Blocking 30 Countries
On Saturday June 1st, users from 30 countries around the globe were greeted with a message stating that they can no longer access the Binance DEX. The decision to geo-block these nations was not taken lightly and Binance DEX was forced to implement the geo-block over mounting regulatory pressure. The move highlights the fact that Binance DEX isn’t truly decentralized, potentially causing some major issues further down the line.
Binance Recovering Well
Back in early May, Binance suffered a hack where 7,000 BTC was stolen from its accounts. Since then, Binance took a brief pause to recompose itself and patch the bugs. It has now reopened as normal service has resumed. The listing of tokens is back on the table, with Harmony being the most recent one since the hacking. That being said, it looks like the Binance hack has taught the crypto community a big lesson and data shows that the hacking and its response could be responsible for the recent Bitcoin bull run. More people lost faith in exchanges and decided to withdraw their Bitcoin to private wallets – reducing the supply available on exchanges and creating a premium for liquidity.
Harmony has gone on an epic ride to the moon in the past few days, but it looks like the steam is running out and the party is over – for now at least. If we’ve learned anything from tokens that launch via Binance, there is usually a huge pump, then a little dump period, followed by an extended period of gains. If ONE does drop, it could be worth adding it to your portfolio.
