RocketPool is out making headlines, having hit a 7-month High amid its recent listing on Binance’s trading list. Alex, CEO of NuggetsNewsAU, claimed that today’s Binance listing was evidence that the Rocket Pool team’s efforts were paying off. He said they have maintained their bullishness in that project for many years, with $RPL up 100x since first covering. Alex thinks that decentralizing every tier of the $ETH stack will be the focus of the upcoming market cycle.
Hard work of the @Rocket_Pool team paying off with a @binance listing today. A project we have remained bullish on for many years with $RPL up 100x since first covering. The next market cycle is now about decentralising all layers of the $ETH stack. 🚀🌐🖥️
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 18, 2023
A decentralized ETH liquid staking derivative supplier is Rocket Pool. Rocket Pool teams together with smart node operators and stakers to pool ETH for staking, then gives stakers back ETH to keep their staked tokens liquid and under their control. The utility and governance token, RPL, is needed in order to operate a node.
However upon the listing of the token, Binance, whose audits have been met with criticism earlier, warns that RPL is a very new token that entails greater risk than usual, and as a result, its price is expected to fluctuate greatly. Before choosing to trade the token, the firm advises one to be sure to practice adequate risk management.
RocketPool on the rise
The figures on Coinmarketcap show that RocketPool had a huge increase in value within hours of being listed on Binance. At the time this article was written, RPL was trading at $35.44 and had a price increase of 10% in the previous twenty-four hours as a direct result of the cryptocurrency being listed on Binance. RPL also reported a significant rise in its overall market capitalization; this rise brought the company’s entire market cap up to $364,124,305, marking a 9.9% gain from its previous value.
Its trading volume also showed a substantial spike, rising by more than 2400% to reach $82,911,308 in only a single day’s time period of trading activity. According to the most recent data from Coinlore, RPL is now ranked 213 due to its quantity of 10,279,742 coins that are presently in circulation.
