AXL coin surges 50% within a week, Here is why?
AXL coin pumped rapidly within the last few days because the corresponding project secured support from a publicly listed crypto exchange.
Axelar is a cross-chain integration protocol, which helps devs to create DApps to allow transactions between different Crypto networks within one platform. At present, Axelar supports Ethereum (ETH), Cosmos (ATOM), Avalanche (AVAX), Polygon (MATIC) BNB Chain (BNB), Osmosis (OSMO), Fantom (FTM), Moonbeam (GLMR), Juno (JUNO), Injective (INJ), Secret Network (SCRT) and Kujira (KUJI). Devs can easily develop a cross chain pool to interchange message or information or even token transactions between different networks via Axelar protocol.
Just two days back, Nasdaq-listed Crypto exchange Coinbase announced to add support for the native coin of the Axelar protocol.
Coinbase suggested users deposit AXL coins only on the Axelar network otherwise funds will be lost & in that case will be recoverable only for the selected regions based users, where AXL trading is allowed.
On 7 Feb 2023 at 9 AM PT O’clock AXL coin trading started on the Coinbase platform.
The current trade price of the AXL coin is $0.939 and this trade price is 50% high over the last 7 days of trade price.
A sudden peak in the AXL price graph can be seen, which occurred because of the Coinbase listing news.
Coinbase & insider trading
Almost every crypto exchange has its strict policy to ensure the prevention of the misuse of information related to the company’ future plans, and to prohibit insider trading.
In mid of 2022, a former Coinbase executive was found guilty in an insider trading case. Indeed, that former employee was tipping his brother about the future coin listing information in advance.
Because of the insider trading case in the Coinbase exchange, a few agencies initiated an investigation against top-ranked crypto exchange Binance but a Binance executive confirmed that Binance’s policy is very strict to prohibit insider trading. And also Binance team traces all of its employees’ crypto trade activities actively.
Read also: Argentine securities body to introduce new legislation on crypto companies
