Golem (GNT) just jumped into another level of prominence after being added to Binance. The project, aiming to create a distributed computing system, has been languishing with a relatively low market price. Outside of the December pumps taking the price near $1, GNT sank to lows around $0.20.
But the news added fuel to the recent moonshot for GNT, taking the asset up a net 45% this week. GNT grew by more than 21% in the past day only, reaching $0.64. In the coming days, the effect of the GNT/ETH and GNT/BTC pairings should be known.
GNT achieved absolute volume records a few days ago, and in terms of BTC prices has repeated the December-January peak. At this point, the rally against BTC may continue, in effect achieving a higher dollar price.
The share of Binance trading is still unknown, and most GNT trades are still happening on Upbit. The effect of Ethfinex, as well as Bitfinex, have been rather small for GNT.
The GNT project started to move after the long-awaited beta version named Brass. The effect of the news was added to the altcoin revival in April, to make GNT head once again for higher price positions.
The Golem project also revealed that until this stage, it has liquidated and spent about half of the 820,000 ETH raised during the ICO. The team has been open about needing to sell and spend the ETH at various prices to fuel the development of the product.
The Golem app is out already, but users have found glitches, and adoption may still lag. Until now, projects like Siacoin (SIA) and MaidSafe (MAID) already have working systems in shared disk space. However sharing computing resources for resource-heavy rendering tasks is a different matter.
Yet GNT may at least see increased price speculation, and even interest in acquiring the tokens for participating in the ecosystem.