Polymath Price Spikes 30% Ahead of Binance Listing Vote

Polymath (POLY) is among five tokens nominated as candidates for a Binance listing, as the vote for Community Coin of the Month gets underway today.

Polymath was named along with Mithril (MITH), LockTrip (LOC), Libra Credit (LBA) and NKN (NKN) – each of which will now be subject to a vote by the Binance community, with the winner gaining a listing on the Binance exchange. All of the coins mentioned in today’s Binance post  received a healthy boost to their numbers, except LockTrip which has lost around 4%.

POLY tokens jumped from a 24 hour low of $0.345 in the early hours of this morning, and peaked at $0.452 a few hours later, before rebounding and settling around the $0.414 range – still representing 20% for the day.

The daily volume for POLY jumped 340% in that time – going from $3.5 million to $16.5 million – and continues to edge upward at the time of writing. That’s a big leap up from the weekly low for trade volumes which stands at $1.4 million.

Binance Vote Goes Ahead

Binance launched the eighth iteration of their Community Coin of the Month competition today, where Binance users get the chance to vote on the next coin added to the platform. To be specific, only holders of Binance Coin (BNB) will have any voting rights, with the votes being weighted according to the amount of BNB held on the exchange at the time. As the blog post states:

“Binance will take a final snapshot of each user’s BNB balance at 2018/07/30 0:00 AM (UTC) to determine the Multiplier of the user’s votes. For every 1 BNB held in the balance, the Multiplier will be increased by 1, up to a maximum Multiplier of 500.For example, at the time of snapshot, a user having 3.9 BNB in balance will have a Multiplier of 3. A user having 1000 BNB in balance will have a Multiplier of 500.”

The Binance Boost

Previous winners of the monthly vote include Zilliqa (ZIL) and PundiX (NPXS) – both of which have seen huge growth spurts in recent times which saw them launch into the market cap top one hundred rankings.

As for the other coins up for the vote, NKN (NKN) has seen 32% gains at the time of writing; Mithril (MITH) is up 10%; while Libra Credit (LBA) is also up by 10%. Only LockTrip (LOC) is down for the day, but has gained around 0.5% within the time it has taken to write this article. Unlike the other tokens mentioned, LOC has seen no major change to its daily volume, even though it finds representation on seven prominent exchanges.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.