Automata (CRYPTO: ATA) saw a vertiginous price increase and subsequent fall after being listed on the world’s top cryptocurrency exchange Binance.
What Happened: According to TradingView data, today, Automata’s price increased by over 10,772% from its opening price of $0.04139 to a high of $4.5, before settling at $1.627 as of press time.
A testament to the coin’s volatility — exceptional even by cryptocurrency standards — is that its current price is over 176% down from today’s high, but also 3,830% up from the opening price, which is also today’s low.
Automata’s volatility has not gone unnoticed, with the project’s team pointing out in a tweet that the coin earned the first spot among the most searched-for tokens on cryptocurrency data service Coingecko.
You know you’re on the right track when you’re #1 on the Trending Search at @coingecko 😌
— Automata Network (@AutomataNetwork) June 7, 2021
What Else: DeFi protocol PancakeSwap(CRYPTO: CAKE) also announced on Monday that its users can now earn Automata tokens as interest on their locked Binance Coin (BNB) and CAKE tokens at an annual percentage rate of over 109,063%.
Binance announced that it intended to list the coin this Sunday, explaining that it is a service meant to ensure better privacy for decentralized finance (DeFi) users.
Read also: What Is PancakeSwap?
DeFi protocols are meant to provide a decentralized — and often anonymous — alternative to traditional financial services such as insurance, interest-earning, loans, financial derivatives, exchange between assets, or leveraged trading.