- COW and CETUS tokens spiked after Binance added support for spot trading.
- Gains also came as Bitcoin led crypto prices higher amid markets bounce on Donald Trump election victory.
The price of Cow Protocol (COW) and Cetus (CETUS) have spiked sharply in the past 24 hours after crypto exchange Binanace made a huge announcement.
Cow Protocol offers a fully permissionless trading and automated market maker. On the other hand, Cetus Protocol is a pioneer decentralized exchange and concentrated liquidity protocol on Sui and Aptos blockchains.
Binance lists COW and CETUS
COW and CETUS were up 76% and 85% respectively in the 24-hour period as the broader crypto market celebrated Donald Trump’s win in the US election.
While this bullish sentiment across the altcoin market helped the two tokens higher, it’s Binance’s announcement that the exchange will list COW and CETUS that likely catapulted prices higher. According to Binance, spot trading for the two coins will go live at 12:00 UTC.
Binance Will List @CoWSwap $COW and @CetusProtocol $CETUS with Seed Tag Appliedhttps://t.co/xbEtrGoxzZ pic.twitter.com/DgOyPT8fBV
— Binance (@binance) November 6, 2024
Market reaction to the news saw both tokens explode, with Cow Protocol price rising to $0.47 and Cetus Protocol to $0.33.
Daily trading volume for CETUS jumped 1,236% to over $181 million. Meanwhile, COW recorded a staggering 3,860% spike in daily volume, and was seeing about $13.7 million at the time of writing.
Binance has applied the seed tag to the COW and CETUS tokens, indicating that the cryptocurrencies are likely to witness wild volatility. This is notable given the market conditions and the potential for some traders to seek profits.
However, with Trump’s win, experts say crypto may yet go parabolic.