COW and CETUS price spikes ahead of Binance listing

Decentralized exchanges COW and CETUS recorded a sharp increase in their prices following Binance’s listing announcement.

Binance, the largest cryptocurrency exchange by trading volume, today announced the listing of Cow Protocol (COW) and Cetus Protocol (CETUS) for spot trading. The announcement sparked renewed interest among investors, which quickly translated into more than 75% gains for both altcoins.

Listings on major exchanges are often accompanied by an increase in liquidity as the token is exposed to a broader user base; These factors are factors that can increase fresh demand and price momentum.

Trading for the COW/USDT and CETUS/USDT pairs will begin at 12:00 UTC, and Binance will offer deposits for these tokens before trading begins, allowing users to position themselves for the market launch.

According to the announcement, withdrawals for the newly listed tokens will be possible from November 7 as planned. Binance also clarified that there are no listing fees charged for these tokens.

The exchange also added that the seed tag will be applied to COW and CETUS as the tokens may present higher volatility and risks compared to other tokens listed on the platform. Later, the exchange plans to offer spot copy trading and bot support for these tokens; This is available 24 hours after pairs go live.

COW poised for more profits

Following the announcement, COW saw its prices rise more than 79% in the early trading hours of November 6, breaking the psychological resistance level of $0.45 for the first time in over 6 months. The altcoin was changing hands at $0.458 while writing over 100% since the beginning of this year.

COW had already attracted investor interest after its listing on Coinbase in late September. The decentralized exchange also raised new funding from European venture capital firm Greenfield Capital on November 5, adding momentum to the bullish narrative around the token.

The recent rally, coupled with the bullish highs sweeping the crypto market as Donald Trump approaches his US election victory, has drawn a wave of smart money into COW. Over the past 24 hours, COW has become the second most-accumulated token among these high-net-worth investors, signaling strong confidence in its upside potential. See below.

Post-Trump election (well 99% election according to @Polymarket) top smart money accumulation in the last 24 hours?

💪How many SMW bought and not sold:$GOAT and $LOCKIN

🫰From the size of accumulation point of view:$GOAT, $COW, $BONK and $PEPE pic.twitter.com/d1rmcMWxfD

— CoinSense.app (@CoinSense_App) November 6, 2024

With all these factors combined, COW appears to be on track to challenge its annual high of $0.48; This target sits at just over 4% of current price levels at the time of writing.

Meanwhile, CETUS rose 76% to reach its all-time high of $0.32 on November 6, with the Binance listing being a key factor. CETUS is the largest decentralized exchange on the Sui (SUI) network and has also attracted investor attention due to its listing on Kraken Pro in late October and its recent integration with DeFi aggregator RaidenX.

As CETUS trading begins on Binance, the altcoin could enter price discovery as more investors try to cash in on the excitement surrounding the token’s listing.

While a top exchange listing like Binance usually triggers an initial price increase, newly listed tokens often face selling pressure in the days that follow as investors begin to take advantage of short-term gains after the excitement subsides.