New Altcoin Built on Polkadot (DOT) Explodes After Launch, Gets Quick Listing From Binance

An eagerly anticipated Polkadot-based project is lighting up the night sky after crypto exchange Binance announced plans to list the token.

Moonbeam (GLMR) is a smart contract platform compatible with the Ethereum Virtual Machine (EVM) that functions as a Polkadot parachain. The project goes beyond Ethereum’s base features by also offering staking, on-chain governance and cross-chain integrations.

The project highlighted its launch via a series of tweets.

“Moonbeam is the first fully operational parachain on Polkadot.

Moonbeam’s successful launch follows a broadly supported crowdloan campaign hosted by the Moonbeam Foundation! 35M+ DOT tokens (~$944M USD at the time the crowdloan ended) were contributed from 200k contributors worldwide.”

The freshly minted altcoin was released yesterday at a price of $10.57, then surged by 84.4% to a high of $19.50.

Moonbeam has since corrected and currently trades for $13.47 for an overall gain of 27.4% since first being listed.

Moonbeam’s sister project Moonriver (MOVR) also saw its price go vertical after being listed by Binance back in early November. MOVR operates on Kusama (KSM), Polkadot’s canary network.

Polkadot (DOT) is the #9 crypto asset by market cap and valued at $25.72. The interoperability project recently launched its parachain feature.

Binance says GLMR will be available in the Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) trading pairs.

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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia