Trackers on January 18 show Rocket Pool’s native token, RPL, rallied 55% and is one of the top players in the top 100 coins by market capitalization.
Rocket Pool Rallying after Binance Listing
The surge coincided with RPL’s listing on Binance, the world’s largest cryptocurrency exchange by trading volume. The token is paired with USDT, a stablecoin issued by Tether Holdings, which is also the most liquid in crypto circles, and BUSD.
However, the surge registered earlier today has been reversed. Data shows that the project’s market cap is $675.1 million, and RPL is 9% higher than USDT. At the same time, it surpassed bitcoin (BTC) and ethereum (ETH), adding about 10% to the highest liquid cryptocurrencies.
The listing on Binance opens up the token to more liquidity, allowing traders and investors unfamiliar with the complexities of DeFi trading to purchase the token. Before benefiting on Binance, RPL was available for trading on most decentralized exchanges, including Uniswap, Bancor, and Balancer. However, RPL is listed on exchanges in the United States, including Huobi, Coinbase, Kraken, and MEXC Global.
Hard work from @Rocket_Pool the team paid off with a @binance listing today. A project we have remained bullish on for many years with $RPL up 100x since the first cover. The next market cycle is now about decentralizing all layers $ETH stack. 🚀🌐🖥️
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 18, 2023
By opening the point level and clearing the immediate liquidation zone, printing a new monthly high, it can be interpreted that the community is receiving the list positively, expecting more development in the next few months. This may be the case especially considering the state of the market and the role of Rocket Pool in Ethereum.
After the 2022 slumps, RPL, like most crypto and DeFi tokens, is down from record highs. As an illustration, RPL rose 76% from its April high, falling in mid-June before rallying to the point level. Despite early November blips, triggered by market-wide fears of FTX and Alameda collapsing, RPL returned to April territory.
Improving Macroeconomic Factors and Upgrading Shanghai
The sharp reversal and change in fortunes for RPL can be attributed to various underlying factors. At the top of the list, perhaps explaining the rise of the financial market is the change in macroeconomic factors.
Statistics show that inflation is down from its highest level in many years, influencing the central bank’s decision on implementing monetary policy. Confidence among investors and traders is spreading in crypto, helping to pump up BTC and altcoins, including RPL.
Rocket Pool has more tailwinds due to the upcoming Shanghai upgrade to Ethereum and what the protocol solves. Rocket Pool allows ETH holders to stake, capital slashing and hardware requirements, which can be used prohibitively.
ETH holders can stake up to 0.01ETH to node operators and earn annual rewards. In Rocket Pool, node operators must hold 16 ETH. Once Ethereum allows users who have locked their coins in the Beacon Chain to withdraw, some can delegate their coins through the Rocket Pool. This expectation supports RPL and other staking service providers, including Lido DAO.
As NewsBTC reportedLido DAO’s native token, LDO, has surged in recent weeks, leading the broader market’s recovery.
Featured images from Flickr, Graphics from TradingView.com