The post BioProtocol (BIO) slides in the first hours of trading despite DeSci hype appeared on BitcoinEthereumNews.com.

BioProtocol (BIO) started its trading in the first day of the new year, entering price discovery through its first spot Binance pair. The token started with losses, despite Binance’s popularization of the DeSci space.  Bio Protocol (BIO) opened its trading on Binance at $0.86, almost immediately sliding to $0.76. The protocol was the latest Binance Launchpad project, which is one of the first major DeSci selections. However, not all Binance Launchpad listings translate into immediate gains.  BioProtocol lined up among the most liquid DeSci assets. | Source: CoinGecko The Binance listing offers pairings against stablecoins USDT and FDUSD, as well as Binance’s native token BNB and the Turkish lira. The BIO/USDT pair is the most active and liquid one, driving the asset’s price discovery. Bio Protocol may make its gains after Binance’s special attention. The project drew undisclosed financing from Binance Launchpad, and was then added as a reward token to the Launchpool. BIO immediately became the leading DeSci token with a market cap of $1.2B and a fully diluted valuation of $2.4B. BIO achieved $338M in its early days on Binance, out of $488M for all other DeSci tokens.  BIO has seen relatively low decentralized activity, as DeSci tokens are one of the niche categories with low trading volumes. Most of the tokens are a subset of meme tokens, attempting to grow their influence. BIO is the asset with the most prominent listings, while also showing limited DEX swaps.  BIO sees relatively low decentralized activity, with limited presence of wallet clusters or signs of sniping. | Source: Bubblemaps On the positive side, BIO is not sniped and there are few signs of connected wallets and active clusters. The token has a clean slate to start from, and become one of the more prominent DeSci assets.  BioProtocol itself is not…

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Filed under: News - @ January 3, 2025 2:25 pm