Pundi X (NPXS) Wins Binance Community Vote, Price Still Extremely Volatile
Overnight, the asset lost 25%, despite becoming the first community coin in months, as Binance renewed the selection process.
Pundi X (NPXS), a recent ICO, was the winner for the first round of renewed community coin voting on Binance. However, the listing is not immediate, and the market price tanked overnight by 25%, to $0.01. In the past hour, the asset gained more than 17%.
NPXS is traded on niche exchanges, in very low volumes, but has managed to climb out of sub-penny prices since its launch in March. The asset had a peak at 233 Satoshi over the weekend, but went on to crash quickly, as it is still extremely volatile.
Pundi X will receive a free listing on Binance, in pairings with BTC and ETH. For now, pairings with Tether (USDT) are not available for all newly added coins. For Binance, this is the seventh community coin added. The exchange relies on fees to list new assets, and has expanded its portfolio significantly in the past few months.
The mission of Pundi X is to make cryptocurrency more accessible by unrolling wide access to physical selling and payment devices. At the moment, Pundi X is also aiming at a listing on OKEx, one of the exchanges that also allow the selection of a community coin.
The risk for tomorrow’s launch of trading includes a volatile price movement, potentially fueled by bot activity. In the past, a Binance listing has led to a brief spike and rapid depreciation of coins. For Pundi X, trading activity and volumes may remain low, despite the popularity of the exchange.
The sell-off in NPXS coincides with the hacking of Coinrail, the Korean exchange that saw the asset abducted by hackers. Since then, withdrawals were blocked. On June 19, the Pundi X network resumed smart contracts, and the asset was available for withdrawal. The aftermath of the event may have caused paincked selling.