Augur Price Soars on Binance Listing Before Falling Back to Reality
Less than a week after listing Bytecoin, which garnered significant criticism, Binance announced it has added another altcoin to its exchange, Augur (REP), a peer-to-peer prediction market platform. Unsurprisingly, the news that Augur had been added to the most popular exchange outside of Asia caused an immediate buying frenzy sending prices up 100% to over $81 per REP.
After the initial surge in price, Augur quickly fell to $56, settling at a market cap of $620 million. The project has grown consistently since the project launched in 2015, reaching a peak over $100 in January before crashing with the rest of the crypto market.
While the listing is certainly positive news for the popular project, it’s not groundbreaking enough to justify the price doubling. Augur is already listed on 10 exchanges, including Bittrex, Kraken, Poloniex, Bitfinex and HitBTC, essentially most major exchange except Binance.
The initial price reaction of recent listings on Binance has some observers questioning who exactly is submitting these purchase orders when the price is up over 100%, although the explanation may simply be investors’ fear of missing out. When Bytecoin was listed on Binance earlier this week, CoinCodex was forced to ignore the Binance price data since people were paying 10x more than on other exchanges.
More on Augur
Augur leverages real-world, crowd-sourced information to enable the creation of decentralized, peer-to-peer prediction markets. Using the Augur platform, users can create prediction markets, trade shares in markets, and even participate in the reporting system to keep the Augur oracle honest for token rewards. Augur functions entirely on the Ethereum blockchain and is rapidly gearing up for a public launch of their beta in 2018. (more)