The Klaytn price spiked on Thursday after the latest partnership with Binance, the biggest crypto exchange in the worl by volume. KLAY surged to $1.533, which was more than 100% above its lowest level today. It is now trading at $1.2635, which is about 15% below the days high.
What happened? Klaytn is a relatively new blockchain project that is backed by Kakao, a leading South Koreann company. The network provides solutions for businesses to build decentralized business applications, commonly known as BApps. The platform has become relatively popular in South Korea, where it is being used by firms like Samsung. The KLAY token powers the ecosystem in a similar way in which Ether powers Ethereum.
The KLAY price surged on Thursday after the developers announced that its token will be listed in Binance. In addition to listing, Klaytn users will be able to stake their Binance Coin or Binance USD to farm KLAY. The developers said:
“With the official introduction of KLAY on Binance, Klaytn expects to accelerate its global expansion, inviting global developers and service providers to participate in its ecosystem.”
In most times, the prices of cryptocurrencies tend to rally when they are introduced in leading platforms like Coinbase and Binance. The most recent example is how Dogecoin and Shiba Inu surged after they were added in Coinbase.
The four-hour chart shows that the Klaytn price has been in a steep sell-off recently. The coin’s price has dropped by more than 75% from its all-time high. This drop is mostly because of the ongoing weakness in the crypto universe as China ramps up its crackdown.
It has also moved below the 100-day and 50-day moving averages. Still, in my view, I suspect that the token’s price will resume the downward trend so long as other cryptocurrencies keep falling. However, a move above $1.5 will invalidate this thesis.
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