Cryptocurrency analysts have named the reason for the sharp growth of a little-known cryptocurrency by more than 40%

Two major centralized cryptocurrency trading platforms have announced listings related to the Moonbeam cryptocurrency (GLMR). As a result, the value of the coin soared by more than 40%.

It has become known that Binance Futures will launch the USD-M GLMR perpetual contract today, September 26. Thus, users will have access to leverage of up to 10x.

Colin Wu, a well-known cryptocurrency journalist, noted that this situation is becoming a standard scheme. First, the South Korean Upbit platform is «pumped up», after which the world’s largest exchange Binance announces the listing of a new contract.

Earlier it became known that the largest trading platform in South Korea announced the listing of GLMR and support for the GLMR/BTC trading pair. Users started trading and created an unprecedented hype around the crypto asset.

This had an extremely positive impact on GLMR quotes. The digital coin jumped in value by 44.1% overnight. The cryptocurrency can be purchased for an average of $ 0.24. Its market capitalization amounted to $ 180.59 million. Trading volumes jumped significantly and reached $ 98.84 million. The value increased by 3314.3% during the reporting period.

The Moonbeam Foundation is behind the launch of the GLMR token. The organization promotes the development, growth, and implementation of Moonbeam and its ecosystem. The main deployment of the Glimmer (GLMR) token is on the Polkadot network.

Moonbeam is a decentralized smart contract platform. The GLMR token is central to its architecture. It is used to incentivize «collectors and strengthen the mechanics of creating a decentralized node infrastructure» on which the platform can operate. The crypto asset is also a governance token and is used to pay basic fees on the network.