Lagrange (LA), a cryptocurrency focused on zero-knowledge proofs, took a significant hit after Binance announced it would be adding support for the coin.
Binance Boost Turns Bust
The world’s largest crypto exchange, Binance, recently added LA to its Simple Earn, Buy Crypto, Binance Convert, and Binance Margin services. This announcement, however, was followed by a sharp price drop. LA plummeted from a high of $0.676 on July 9th to $0.416, a 32% decrease in just 24 hours. This is a stark contrast to last month when a Coinbase listing sent LA’s price soaring 216% in a single day.
What is Lagrange?
Lagrange is built on two protocols: the ZK Prove Network, which offers verification services for various blockchain applications, and the ZK coprocessor, enabling efficient off-chain computations with on-chain verification. The team describes the coprocessor as a powerful tool for handling blockchain data, especially when accuracy is crucial.
A Cautionary Tale
This price swing highlights the volatility of the cryptocurrency market. While listings on major exchanges can sometimes boost prices, there’s no guarantee of sustained growth. As always, investors should conduct thorough research before investing in any cryptocurrency.