• Wed. Jun 12th, 2024

Price of AltLayer Increases by 30% Amid Binance Listing

Maria Bartiromo

ByMaria Bartiromo

Jan 27, 2024

In an unexpected turn of events, Altlayer (ALT) saw a 30% price increase quickly after being listed on the Binance platform and receiving a strategic airdrop. The altcoin’s price increased due to increased trading activity when it first distributed 300 million ALT tokens, which had a total value of less than $100 million.

With a strategically planned airdrop, Altlayer gave 300 million ALT tokens to the cryptocurrency community to start the journey. The purpose of the move was to decentralize ownership, attract attention, and cultivate a large and active user base for the Altlayer ecosystem.

The airdrop instantly affected the market as the dispersed ALT tokens’ total value got close to the $100 million level. The movement of tokens into a wide range of holders created the conditions for more trading and liquidity.

AltLayer Trading Volume Up by 11.7%, As it’s Relevance Spreads 

Altlayer’s exposure to a sizable user base and worldwide liquidity through the Binance listing enhanced the likelihood of its widespread adoption and higher trading volume. AltLayer operators can earn AltLayer tokens as a reward for their hard work.

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On Thursday, Altlayer (ALT) joined the Binance trading scene and made a splash with a value increase of 11.7%. The 30% price increase in a brief period has been explained by some industry experts as an optimistic outlook of the market and investor excitement for Altlayer.

The price of Altlayer went up by 8% within the past 24 hours, thus trading selling at $0.3452 as of press time. Altlayer market capitalization is currently $380 million, while its weekly market chart shows an upward movement of almost 28%.

Superiority of AltLayer Explained, As Community Enthusiastically Anticipates New Collaborations

Altlayer’s novel strategy of fusing an airdrop with a prominent exchange listing fits the more significant industry trend of investigating cutting-edge ways to launch and advertise new tokens. The community strongly anticipates new collaborations, product releases, and technological improvements as Altlayer continues to gain momentum.

Recent observation shows that qualified participants for AltLayer airdrop supersede all AltLayer OG Badge NFT holders, Celestia stakes, EigenLayer retakers, AltLayer’s Altitude project, and Oh Ottie! NFT, which has cumulatively 500,000 wallets.  Explaining AltLayer, Bhushan Akolkar from CoinGape said that the coin is a decentralized and accommodating protocol specially created for rollups.

The feature, Akolkar explained, enhances cryptocurrency economics,  interoperability, and security. It is also expected to hasten the fast processing of rollups from different stacks like Polygon CDK, OP Stack, Arbitrum Orbit, and its equivalent. 

AltLayer Raises  $22.8 Million in Pre-sale, Continues Till February 25

AltLayer has announced they have raised approximately $22.8 million in a 2-phase selling round. It was reported that 18.50% of the AltLayer supply traded between $0.008 and $0.018 respectively. Participants of the AltLayer network are meant to pay the intra-network fees using the AltLayer tokens. AltLayer holders are expected to vote on relevant governance or government decisions.

Major AltLayer investors are Polychain Capital, Binance Labs, Balaji Srinivasan (who’s also Coinbase’s Ex-Chief Technology Officer), Jump Crypto, DAO5, Sean Neville (the Co-Founder of Circle), Ryan Selkis, and Gavin Wood (Ethereum and Parity co-founder).

AltLayer’s airdrop will continue until February 25, after the deadline, and any unclaimed token will be moved to AltLayer’s treasury. Some networks like AltLayer, Arbitrum, Polygon, and Optimism provide special rollup-related services for scaling integrations.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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