Harmony (ONE) pumps 25% with its trading competition about to end

Just six days after it began trading on Binance and Binance DEX, Harmony (ONE) is already following in the footsteps of its IEO predecessors with a massive, seemingly unsolicited pump.

The latest graduate of the Binance Launchpad, ONE spiked over 25% today to reach an all-time (or six-day) high 379 Satoshi. The price action proved a rollercoaster since, with the coin quickly losing 7.5% before bouncing back again.

The crowd sentiment mirrored the price for much of the day, with bulls and bears trading seats based on the momentary trend.

During the pump:

• ONE WILL make you rich data trust me bro
• Buy harmony one people
• ONE is the new Matic

During the dump:

• One army rekt now😂😂😂 no one shilling One anymore
• ONE dumping
• One is done

While there’s no fundamentals-driven reason for the rally, some found the cause in Binance-hosted trading competition/ONE airdrop that’s scheduled to end tomorrow:

“As a celebration of the launch”, says Harmony in the competition announcement, “we will airdrop 25,000,000 Harmony ONE tokens to Binance DEX users in the next 5 days. Each day all the Binance Chain addresses holding a minimum of 10 BNB and reaching a trading volume of 100,000 or more Harmony (ONE) tokens (including buys & sells) on Binance DEX will equally share a pool of 5,000,000 ONE tokens.”

This is also why some are skeptical of claims that ONE already accounts for an overwhelming majority of trading volume on Binance Dex, referenced by CZ himself:

Unsurprisingly, not everyone’s convinced the volumes should be taken at face value:

Either way, it will certainly be interesting to revisit the $ONE chart after the trading competition ends tomorrow. Will the coin be able to sustain a prolonged rally without its training wheels? Watch this space.