Avalanche-Based Altcoin Jumps After Getting Surprise Support from Crypto Exchange Binance

The native token for a decentralized exchange (DEX) built on Avalanche spiked in price after being listed on crypto giant Binance.

In a new announcement, Binance says that the native governance token of TraderJoe (JOE), an automated market maker DEX, will now be available for trading.

The news sent the altcoin’s price vertical, leaping 20 % from $2.20 to $2.65 almost instantly. JOE peaked as high as $2.67 but has since corrected back to $2.31 at time of writing.

JOE has been on an incredible run since August when the token was valued at under $0.10. While the overall crypto markets experienced a roller coaster of price swings during the fall months, JOE remains up over 20x since beginning its ascent.

In addition to the TraderJoe exchange, the project also features the lending protocol BankerJoe which implements features from Avalanche and the decentralized finance Compound (COMP) protocol.

JOE token holders are able to stake, provide liquidity and vote on project governance.

Binance says JOE will be available in the Bitcoin (BTC), Binance USD (BUSD) and USDT trading pairs.

Layer-1 smart contract platform Avalanche has also been on a winning streak over the past two weeks, with native token AVAX rising 59.85% from $79.71 on December 14th to as high as $127.42 last week.

It has since corrected and is currently trading for $108.38.

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Featured Image: Shutterstock/solarseven/Natalia Siiatovskaia