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Binance defends SUSHI listing after criticism

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Following SushiSwap’s dramatic drop, users blasted crypto exchange Binance for even listing the token in the first place. But Binance stands by its decision to back risky projects.

Binance CEO Changpeng Zhao, better known as CZ, defended their decision to list projects and tokens like SUSHI in a tweet.

“As one of the leaders of the space, we support innovation. With innovation comes the chance of high reward, and high risk. Some projects make it to the moon, while some fall short. Always manage your risk accordingly. In crypto winter, I tell people to HODL. When things are hot, I tell people to be super cautious. I still get heat whenever something go south. I will take the heat. It just hurt to see people getting rekt, and still not managing their risks.”

SUSHI fell from $9.5 to $1.13 in just five days after its project head, the anonymous developer Chef Nomi, dumped a stash of SUSHI from the dev fund. Chef Nomi has handed over control of the protocol to FTX CEO Sam Bankman- Fried.

Decentralized finance watchers were not happy with Chef Nomi’s actions, and some who bought SUSHI blamed exchanges like Binance that listed the token in the first place.

Binance has long been a supporter of DeFi projects, listing many projects in the past year. Zhao has said he believes DeFi is the future though more education and experimentation may need to happen before it becomes mainstream.





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Coin98 gains 1,200% after Binance listing, Ampleforth soars on Aave integration

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Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top goal of many crypto investors. 

Coin98 (C98) is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its initial coin offering price at $0.075 to $0.928 on its first day being listed on exchanges.

Coin98 is the 20th project to come out of the Binance Launchpad and describes itself as “a DeFi gateway for traditional finance users to access any DeFi services on multiple blockchains.”

Along with being listed on Binance, C98 is also available to trade on Gate.io and MEXC Global and token holders can also earn a yield through staking and liquidity pool options on PancakeSwap (CAKE).

Altcoins post double-digit gains

Bitcoin’s (BTC) rally to $33,000 led to a prolonged boost in several altcoins and data from Cointelegraph Markets Pro and TradingView shows Ampleforth (AMPL), Amp (AMP) and Axie Infinity (AXS) as the top movers over the past 24 hours. 

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

AXS’s month-long rally picked up steam again after the price rebounded from its lower support touch at $14 and the rally in AMPL demonstrates the benefit of cross-protocol integrations.

Related: Bull or bear market, creators are diving headfirst into crypto

According to Ampleforth’s Twitter, the new-found interest in AMPL is the result of the token being added to the AAVE DeFi ecosystem

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AMPL on July 19, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AMPL price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for AMPL first turned green on July 17 and climbed to a high of 75 on July 19, around 15 hours before the price increased 57% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.