Cow Protocol (COW) and Cetus (CETUS) experienced a significant price spike after Binance announced it would add support for spot trading of these tokens. The announcement came as cryptocurrency prices were rising due to Bitcoin’s leadership, following Donald Trump’s election victory. Cow Protocol offers a fully permissionless trading and automated market maker, while Cetus Protocol is a decentralized exchange and concentrated liquidity protocol on Sui and Aptos blockchains.
Shortly after Binance’s announcement, COW and CETUS rose by 76% and 85%, respectively, within a 24-hour period. Binance’s statement that spot trading for the two tokens would go live at 12:00 UTC further boosted their prices. The market reacted positively to the news, with Cow Protocol’s price increasing to $0.47 and Cetus Protocol’s price rising to $0.33.
The daily trading volume for CETUS surged 1,236% to over $181 million, while COW recorded a staggering 3,860% increase in daily volume, reaching about $13.7 million at the time of writing. Binance has applied a seed tag to COW and CETUS tokens, indicating that these cryptocurrencies may experience wild fluctuations in the coming days.
This is particularly relevant given the current market conditions and the potential for some traders to seek profits. Despite the uncertainty, experts believe that with Trump’s win, cryptocurrencies may yet go parabolic. It remains to be seen how the market will react to these developments and whether the support from Binance will lead to long-term growth for COW and CETUS.
