CREAM recorded a sharp reversal rally on Wednesday as traders evaluated its listing on Binance, the worlds major cryptocurrency exchange by volume.
Maltas trading platform will list CREAM/BNB & CREAM/BUSD trading pairs at 1300 UTC, per its declaration. That will enable users to effectively deposit & trade their CREAM tokens against Binance Coin & US-regulated stablecoin BUSD.
CREAM/USD surged by almost 54 per cent in just 3-hours of trading after the Binance listing. The pair hit an intraday high at $120.85.
The advances also came after a long & depressive price action in the CREAM market. The token last week gathered from as low as $0.001 to as high as $279.45. Its upside move took cues from the mounting craze for decentralized finance projects.
CREAM is part of a decentralized lending stage called Cream Finance. It assists as the governance token for a protocol that users to borrow or lend from a pool of assets permissionless-ly. So rather than interest rates being set by individuals, Cream Finance determines them algorithmically built on the proportion of assets lent out.
CREAM raised further into the conscience of yield hunters after Binance decided to support its protocol on its newly-launched blockchain, Binance Smart Chain. That effectively protected Cream Finance from its previous blockchain Ethereums high gas fees.
Nevertheless, despite its strong fundamentals, fracture started appearing in the DeFi tokens market technicals. CREAM/USD became the prey of an enormous dumping exercise that began at its $279.45-high. A profit-taking spree started & crashed the pair by 73 per cent as of 0600 GMT today.
It recovered sharply only after the news of the Binance entry hit the wire. That left many in the cryptocurrency industry worried about CREAMs erratic, pump-and-dump price moves.
Netherlands-based market predictor Michaël van de Poppe was speedy to remark on the nature of CREAMs listing on Binance, disagreeing that the exchange acted too quickly to list a token which was garbage.
I sincerely dont understand the fact of projects needing months to get a potential listing on Binance, he said. But, then, complete garbage like $CREAM & $SUSHI gets listed instantly with a bullshit reason of becoming obsolete. A complete sh**show for crypto & space.
CREAM Trend Forward
Some, in the meantime, argued t ...