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The token of the blockchain-based game and DeFi protocol Aavegotchi (GHST) experienced a remarkable increase of approximately 37% on Monday, following an announcement of support from Binance. The leading cryptocurrency exchange revealed its plans to launch futures contracts for the token, resulting in a response similar to that observed with various altcoins. The listing of futures contracts typically indicates increased liquidity, demand, and consequently, volatility.

Binance and Aavegotchi (GHST)

On September 23, Binance officially announced the launch of the Aavegotchi (GHST) perpetual contract (GHSTUSDT). As reported in a last-minute update, trading commenced today. Users can leverage up to 75 times on the token. In light of this announcement, the token price surged by approximately 37%, significantly impacting the protocol.

Aavegotchi introduces a project where adorable ghosts with unique characteristics exist on the Ethereum network. These ghosts contain cryptocurrency tokens symbolizing collateral. In essence, it is a novel experimental project that combines DeFi and NFTs around cryptocurrencies.

GHST Token Rises

The price of GHST rose by about 37% within the last 24 hours, reaching $1.201. The coin recorded intraday low and high points of $0.8713 and $1.21, respectively. Traders responded positively to the announcement, increasing the coin’s trading volume by 1103% to $17,757,512.

Today’s price increase appears directly linked to the newly listed perpetual contracts; similar instances have been noted with other tokens previously. For instance, the price of the TON-based Catizen (CATI) surged by over 30% upon its listing on the same exchange.

Likewise, the altcoin FIDA within the Solana ecosystem saw significant gains due to the futures contract listing on the exchange. These past examples rationalize today’s price increase for Aavegotchi (GHST). Cryptocurrency enthusiasts continue to monitor the coin’s future price movements.

The listing of GHST Coin on the Binance exchange and the introduction of new futures contracts have led to a substantial price increase for the token. This development once again highlights the impact of major exchange listings on projects within the cryptocurrency market. Investors should exercise caution regarding price movements triggered by such announcements.

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