A new cryptocurrency, Initia (INIT), saw a huge price jump after Binance, the world’s biggest crypto exchange, added it to its platform.
Binance Listing Sends INIT Price Skyrocketing
On April 24th, Binance announced it would list INIT, a layer-1 blockchain. This news caused INIT’s price to surge from $0.605 to a high of $0.921 within hours – a more than 40% increase. While the price has slightly dropped since then, it’s still up significantly.
What is Initia?
Initia aims to simplify app development by providing pre-built tools and infrastructure, specifically focusing on rollups. Rollups are a way to process transactions more efficiently, but building them is complex and time-consuming for developers. Initia claims its platform lets developers concentrate on their apps instead of the technicalities of rollups. The project says its goal is to reduce the amount of time developers spend on the technical aspects of building their applications, allowing them to focus on building and improving the apps themselves.
The Bottom Line
The Binance listing appears to have been a major catalyst for INIT’s price increase. However, remember that cryptocurrency investments are risky, so always do your research before investing.
