VANA token skyrockets more than 2700% after Binance Launchpool announcement

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As an analyst with years of experience in the volatile and ever-evolving world of cryptocurrencies, I’ve seen my fair share of market madness. The recent surge of the VANA token is no exception to this rule, and it’s a perfect example of the power of miscommunication and the herd mentality in the crypto space.

In simpler terms, the digital token called VANA, linked to the Nirvana project, experienced a significant increase following an announcement by Binance Launchpool that they would be listing a similar named token on their platform, which is compatible with the Ethereum Virtual Machine (EVM) and operates on its own L1 blockchain. This surge reached approximately 2700%.

The VANA token associated with the metaverse-focused Nirvana project saw remarkable growth following Binance Launchpool’s announcement that they would be listing a native token originating from the Vana explorer, which is an EVM-compatible L1 blockchain designed for user-owned data.

Despite the Nirvana token having no relation to the VANA token that Binance is set to list on December 16 at 10:00 UTC, there appears to be confusion among crypto traders who may have mistakenly identified the VANA token as part of the Nirvana project due to the lack of availability of the VANA explorer token in the market.

Since Binance revealed its intention to list VANA (Nirvana token), it’s been quite a rollercoaster ride. According to CoinMarketCap, the token has skyrocketed an astonishing 2700% since its debut! Notably, after a long period of relatively inactive price movements on the charts, it’s currently surged more than 1200%.

Right now, VANA is being exchanged at a price of $0.0015 per unit. In the last 24 hours, its trading volume significantly increased by an astonishing 2432%, reaching approximately $616,640. Additionally, its market capitalization has experienced a substantial rise of 609% to around $90,750.

It seems that the announcement of Binance Launchpool’s VANA revitalized a token that had previously appeared close to extinction, as the social media account associated with the Nirvana project (X account) last posted in June 2024 and has been dormant since then.

The Vana network is positioning itself as “the inaugural open platform dedicated to AI data autonomy.” While its native token hasn’t been introduced yet, the protocol plans to utilize this token for operating its ecosystem and facilitating peer-to-peer, user-controlled, decentralized data exchanges.

The VANA Token serves as the backbone of the Vana Network, enabling its secure, user-controlled, and decentralized data transactions. It holds significant importance within the network’s multi-token ecosystem.

Let’s delve into the token economics driving data as a new asset class within…

— vana (@withvana) December 12, 2024

Starting December 16th, 10:00 UTC, open trading is set to begin for the VANA/USDT, VANA/BNB, VANA/FDUSD, and VANA/TRY pairs on Binance. The Vana token has been marked as a ‘seed’ token because it recently launched.

On Binance, each user is limited to purchasing a maximum of 8,500 VANA per hour from the BNB pool and 1,500 VANA per hour from the FDUSD pool. Additionally, Binance facilitates farming opportunities for VANA, offering a total of 2.4 million tokens in daily rewards.

120 million VANA tokens make up the total supply in the Vana network. The community will receive approximately 44% of these tokens over a 36-month period, while the ecosystem is allocated around 22.9%, which will be distributed over a 48-month period. Core contributors and investors will hold 18.8% and 14.2% respectively, with their tokens locked up for multiple years.

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2024-12-13 15:15