RPL Skyrocketed 60 Percent After Binance Listing Token Rocket Pool

The RPL token skyrocketed more than 60 percent after listing on Binance. (Photo; Doc. Rocket Pool)

JAKARTA One of the altcoin staking projects built on Ethereum (ETH) has experienced a sharp price increase after it was surprisingly listed on the world's largest crypto exchange, Binance.

Rocket Pool (RPL) is a decentralized Ethereum staking pool meant to lower capital and hardware needs to stake on ETH 2.0.

Binance has suddenly announced a RPL listing on the Exchange Innovation Zone, a trading space dedicated to crypto assets that are more vulnerable to price volatility.

The RPL token is used for governance and guarantees. On the day Binance announced it was listing, token prices jumped about 60 percent, from today's low price of around 30 US dollars to a high price of 47.59 US dollars.

According to DailyHodl, Binance's listing comes about a month after the top US crypto exchange Coinbase announced that it had registered a RPL. When a token is registered by Binance, the price is often pushed higher.

A study conducted by crypto researcher Ren & way of observing 26 tokens added to the Binance exchange for trading in the last 18 months. On average, the prices of these tokens briefly increased by an average of 41 percent.

After the initial spike on the day of recording, price increases usually subsided with an increase falling to 24 percent. The value of the RPL since then dropped, switching hands at 33.10 dollars at the time this article was written.