- INIT stood out with a strong 14% weekly gain, defying the general downtrend that followed Binance’s update.
- Despite Binance’s inclusion move, most tokens like SIGN, HYPER, and KERNEL faced immediate declines, cooling short-term investor sentiment.
Binance introduced a major update on Hyperlane (HYPER), SIGN, Initia (INIT), KERNEL, and WalletConnect (WCT) as eligible assets under its VIP Loan program on April 30. Announced via Binance’s press release, the launch was a strategic build-out of what the exchange had to offer.
As one of the biggest centralized crypto exchanges in the space, the listing has the possibility of increasing visibility, liquidity, and borrowing options available with the newly listed assets. Optimism did surround the tokens in the brief moments that followed, with traders anticipating that the listing would result in improved market performance and activity among users.
Although the move generated some excitement, the actual market response showed mixed sentiments. In accordance with the most recent data available, only INIT was able to maintain a price rally in the wake of the listing, while the remaining four tokens registered visible intraday and weekly losses.
Price Action Favors One Token Amid General Downtrend
INIT distinguished itself with a robust 14% increase in the past week to $0.7494 by the close of April 30. It beat its peers in spite of general market pressure, and that indicates that some investors remain optimistic about seeing upside in some of the newer cryptocurrencies with full exchange support behind them.
SIGN, which has had a considerable 34% increase over the last seven days, closed the day in down mode, losing 10% intraday to hit $0.09295. The setback indicates that one listing on a major exchange, even that of Binance, does not always translate to near-term profits—especially in uncertain markets.
Both HYPER and KERNEL fell further after the news was announced. HYPER fell by 7% during intraday trading to stand at $0.1860, with its weekly decrease expanding to 15%. KERNEL fell by 2% during the same day and was at $0.1750. Closer inspection of the week chart reveals a 14% downfall and that the token has not delivered from the increased liquidity that has been anticipated.
WCT Mirrors Decline, Binance Stays Silent on Market Volatility
The WalletConnect (WCT) token also moved in the same direction following the downtrend by dropping around 2% intraday and touching $0.3902. WCT dropped marginally by 1% over the past week. This reinforced the general perception that not every listing is guaranteed to result in market rallies.
While the listing of VIP Loan was intended to enhance token utility and market integration, only INIT benefited with significant short-term gains. Other assets can potentially gain long-term benefits if market conditions normalize and user demand increases.
According to their official announcement, these listed tokens can now be accessed via the VIP Loan feature to offer more flexible trading alternatives to institutional and high-net-worth users. However, retail investors’ instant gains remain elusive to most of these newly listed tokens so far.
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