Moonbeam’s GLMR token price jumps 20,300% after listing on Binance and KuCoin

Key Takeaways:

• Binance and KuCoin exchanges announced the listing of Glimmer (GLMR) token.

NEW DELHI (CoinChapter.com) — The world’s largest cryptocurrency exchange, Binance, announced the listing of the Glimmer (GLMR) token on its platform.

As per Binance’s announcement, the exchange would list GLMR/BTC, GLMR/BUSD, and GLMR/USDT trading pairs on Jan 11 at 16:00 (UTC). Deposits for the token would open on Jan 11. However, the Glimmer token withdrawals would be available on Jan 12.

In addition, the token also announced listing on the KuCoin exchange on Jan 10. The exchange would support the GLMR/USDT trading pair, with withdrawals available from Jan 14. However, the Glimmer token began trading on Jan 11 at 14:00 (UTC).

Moreover, the Glimmer token also announced its listing on OKEX and Gate.io, where it is trading at $13.6 at the time of writing, about 5,360% above its listing price of $0.25. Meanwhile, the Glimmer token price jumped 20,300% from its list price on Binance, rising up to $51 before prices pared later.

Meanwhile, on the Kucoin exchange, GLMR prices reached $39.1, a jump of 15,544% from its $0.25 listing price, before prices pulled back to trade around $13.

What Is Glimmer GLMR Token?

Glimmer (GLMR) is the utility and governance token of the Moonbeam Network. Moonbeam is an Ethereum-compatible smart contract platform, which operates as a Polkadot parachain.

The platform aims to extend Ethereum’s capabilities by including on-chain governance, staking, and cross-chain integration features. Derek Yoo of Pure Stake, a blockchain tools and infrastructure company, launched the Moonbeam project in Jan 2020.

The Moonbeam project takes advantage of Polkadot’s speed and bridging properties while also including EVM capabilities for developers. The project also provides an API to facilitate greater Web 3.0 access and ease of use.

In essence, the Moonbeam project acts as a bridge between Polkadot and Ethereum, allowing developers and users to work with both blockchains. In addition, the project provides permissionless dApps, EVM collaboration, substrate-compatible tools, and other unique features to create an interconnected ecosystem.

Moonbeam’s native token, Glimmer, has a total supply of 1,000,000,000 GLMR tokens, with an initial market cap of $13.75 million. Moreover, the GLMR token allows users to participate in governance, pay transaction fees, and earn rewards by providing liquidity and staking.

For staking, users need to stake a minimum amount of 50 GLMR. However, to earn rewards, the staked amount must be among the top 100 of the user’s collator. The Glimmer token’s tokenomics burn 80% of the transaction fees, and the remaining 20% goes to the network’s treasury, with an annual inflation rate equal to 5% of the uncapped supply.