A Whale Purchases $800K Worth Of A Token Newly Listed On Binance
The MAGIC token recently witnessed a massive purchase from an anonymous whale, making Binance list the asset on its Innovative List. Meanwhile, the sudden activities in the Magic ecosystem have raised doubts among users, with many not ruling out insider trading.
On-chain data posted by Nansen on Twitter shows that the asset’s price has doubled since last month due to the whale’s action. Additionally, the said whale is reported to have purchased close to $1 million worth of MAGIC tokens in the past 30 days.
Furthermore, the whale appears to be one of many large-volume buyers of the MAGIC token, as other six-figure buys were also recorded. Meanwhile, the latest event has no insider trading input, making Binance list the token on its Innovative Zone.
The asset, MAGIC, is a token for the gaming system Treasure, hosted on the Arbitrum protocol. The Treasure project includes products like The Beacon, Bridge World, and Trove. Accordingly, MAGIC serves as the governance token and utility asset in the Treasure ecosystem.
Following its listing of MAGIC on the Innovative Zone, the world’s largest crypto exchange will allow trading with the token in limited aspects. Binance seeks to protect traders from high market volatility by separating MAGIC from other frequently traded crypto assets.
It is worth noting that crypto assets listed on the Innovative Zone have a lower market cap than other top tokens like Ethereum and Cardano. Meanwhile, Binance has already published its disclaimer for the latest asset listing to inform users of the risks involved.
Binance also revealed that it would soon add three new spot trading pairs to the trading platform. In the meantime, deposits for MAGIC are already open, and traders can transfer their funds to Binance to trade on this token. However, MAGIC withdrawals will be live on December 13.
MAGIC And The Treasure Ecosystem
The Treasure ecosystem depends on the performance of the staked MAGIC and the activities of its holders. As a decentralized platform, members of the community vote using MAGIC to implement changes and ensure the seamless function of the Treasure protocol and its components.
Furthermore, MAGIC is used in the Treasure ecosystem to create decentralized systems to connect its NFT marketplaces and generate revenue for the platform’s operation. With Treasure having an NFT marketplace, MAGIC is the utility token enabling buying and selling of a wide range of NFT collections.
The Trove NFT marketplace will become Treasure’s most crucial component in its drive to ensure the full use of MAGIC as a governance token.
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