Ankr dumps on Binance listing - Where did the listing pump magic go?

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Sanfam
Jul 25, 2019

After a decent runup for about a week, going from $0.00821 USD on 17th July to a local high of $0.0128 USD on 23rd July (+56%), ANKR's price fell off the cliff following Binance's listing.


So what happened here? Binance.com listings usually send a coin rallying up upon the announcement. Instead, ANKR's price went from the local top of $0.0128 USD on 23rd July to $0.0079 USD on 24th July. Almost a 40% retrace!

Crowd reactions

  • ANKR dies soo fast lol
  • RIP Ankr. You too died on this exchange
  • So ankr will ever bounce again or not?
  • ankr was so good on bittrex, binance why you killed it 😂
  • Why is dusk and ankr dumping? Aren't they new listings??
  • Bought ANKR in Ico. Thought today will be „the day of profits“ with the listing but they dumped the shit out of Ankr after listing😂😂😂😂😂thank you cz


Whales exodus

An interesting observation on the day of the Binance.com listing is that majority of the top ANKR holders have started to move their tokens. But where to?

A closer look at the addresses reveal that most of them are sending to an Ethereum address which then sends the ANKR to ENS Burn Address. This is likely the token swap mechanism used by Ankr network whenever someone converts the ERC20 ANKR into the BEP2 (Binance Chain) ANKR.


But there's a caveat.... there's no way to convert BEP ANKR back to ERC20 ANKR at the moment. So that means anyone that converted their tokens to BEP ANKR can only trade on BinanceDEX.


Listing pump magic is still alive...if you know where to look

Following the announcement of Binance.com listing ANKR, the price of ANKR/BNB went from 0.00038202 to 0.00068900, a 80% gain. This is the same time when whales took the opportunity to offload their stash by converting ERC20 ANKR to BEP ANKR as mentioned above.


By the time ANKR opened trading on Binance.com, the ANKR/BNB pair took a dump and went below its support levels prior to the huge pump. Naturally those trading on Binance.com were wondering why ANKR performed so badly when it should pump. Well, it did, they just don't know it.


Going forward, Binance has mentioned that they are considering listing some projects on the Binance Chain on Binance.com. So for anyone looking for that listing pump on announcement, best keep your eyes on the BinanceDEX!

ANKR
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Sanfam
Jul 25, 2019

Thanks for reading!

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