There's a new 'Coinbase effect'-the Binance Chain pump

Published on by Cryptoslate | Published on

Since its launch, Binance Chain has attracted coins away from competitors, pumping the value of coins that switch.

Could the "Binance Chain effect" be the new Coinbase effect?

Since its announcement in 2018, Binance Chain has been one of the most highly anticipated projects in the crypto industry.

Binance has already attracted a slew of existing and upcoming cryptocurrency projects for switching to the new platform.

While MITH's value is stabilizing, the effect of the Binance Chain launch cannot be disputed.

Now, new listings seem to have little effect on a coin's performance now, as was the case with Stellar's XLM.$XLM added to Coinbase Pro but the pump started a week ago pic.

Red Pulse, a market intelligence platform that connects non-Chinese speaking clients with experts in China's capital markets, recently revealed its integration with Binance Chain.

Announcing a partnership with Binance Chain had the same effect for Enjin wallet and its ENJ coin.

18th, cryptocurrency wallet Magnum also announced that it will begin supporting both the Binance Chain mainnet and the Binance DEX. The same day, Atomic Wallet followed suit and saw its coin's value increase fivefold-jumping from $0.03 to $0.15 in a single day.

While these are just a few examples, Binance Chain continues to have a ripple effect on the entire crypto market.