Cryptocurrency STO witnesses substantial increase in value upon announcement of listing on Binance exchange.
Unleashed: StakeStone Soars by 30% on Binance Debut
In a whirlwind 24 hours, StakeStone (STO) has seen its price skyrocket by over 30%. The token's meteoric rise can be attributed to its listing on the renowned Binance exchange.
Binance announces StakeStone's grand entrance
STO made its debut on Binance's spot market at 16:00 UTC on May 2, available for trading across multiple pairs like USDT and BNB. Binance gifted an airdrop of STO tokens to users as part of the launch celebration. To be eligible, users needed to have subscribed their BNB to Binance Coin's Simple Earn products—either the Flexible or Locked option—and On-Chain Yield between April 27 and April 29.
Before this grand entrance, STO was only accessible on Binance's Alpha Market, an exclusive playground for select users.
From the ground to the stars: StakeStone's rise
Launched in early April through Binance Wallet's token generation event, StakeStone swiftly garnered attention with listings on exchanges such as MEXC, Bitget, KuCoin, and Gate.io. Binance's listing has further elevated the project's profile and STO's price, causing the token's price to surge by 30%.
STO surging 20% post-listing
As of this article, STO trades at $0.17 with a whopping trading volume of over $45 million. On the 4-hour chart, today's 30%+ surge has propelled STO price well above both the 20-period EMA and the 50-period SMA, symbolizing a robust bullish sentiment. The RSI has also climbed into overbought territory above 70 upon the breakout, hinting at a potential pullback or consolidation in the near term. However, a bullish crossover between the 20 EMA and the 50 SMA preceded the breakout, possibly serving as an early signal of the uptrend.
Eyeing the future: What's next for STO?
This dramatic rally might be due for a transient reversal, but the technical setup suggests a broader uptrend could be unfolding.
Kraken thwarts North Korean infiltration attempt through fake job applicationIt's worth noting that while we're here, cryptocurrency exchange Kraken recently foiled an attempt at infiltration by North Korean agents. The sinister scheme involved a fake job application[2]. Keep your eyes peeled, folks; the crypto world can be a wild ride!
Footnotes:
[1] StakeStone STO Airdrop on Binance: Eligibility, Distribution, and Listing Details - Binance Blog, May, 2023. (Retrieved May, 2023)
[2] Kraken Thwarts North Korean Infiltration Attempt - Kraken Blog, May, 2023. (Retrieved May, 2023)
- The StakeStone token (STO) witnessed a remarkable spike of more than 30% on its debut on the Binance exchange.
- At the time of the article, STO trading was available on Binance's spot market, paired with USDT and BNB.
- Binance awarded an airdrop of STO tokens to users who subscribed their BNB to Binance Coin's Simple Earn products and had On-Chain Yield between certain dates.
- Before its Binance listing, StakeStone was exclusive to Binance Wallet's Alpha Market.
- Prior to its Binance listing, StakeStone had already secured listings on MEXC, Bitget, KuCoin, and Gate.io.
- The surge in STO price on Binance further boosted the project's profile.
- Despite the technical indicators hinting at a potential pullback or consolidation, the broader uptrend seems to be unfolding for STO.
- Meanwhile, cryptocurrency exchange Kraken has recently thwarted an infiltration attempt by North Korean agents through a fake job application.
