GPS Soars Nearly 15% After Binance Announces Airdrop Ahead of Listing

The GoPlus Security native token, GPS, has experienced a significant surge of nearly 15% in value following the announcement of its listing on Binance and the upcoming airdrop event. On March 4, Binance revealed that it would distribute GPS tokens to users who held BNB and had subscribed to Binance’s Simple Earn and On-Chain Yields products between February 19 and February 24. The airdrop would occur one hour before the token’s official listing on the exchange, marking a significant milestone for GoPlus Security. The token will be made available for trading on Binance starting at 13:00 UTC, with trading pairs including USDT, USDC, BNB, FDUSD, and TRY.

Following this announcement, the price of GPS experienced a substantial jump, reaching $0.16, a 15% increase, after having previously been trading at around $0.14. The token’s price had been on a slight decline of 16% over the past month but saw a sharp recovery in recent days. Over the past week, the price of GPS increased by almost 18%, making it one of the top gainers in the market during that period.

At the time of the press release, GPS was still trading at $0.14, marking an 11% increase from its price just before the Binance listing news. In addition to the price surge, the token’s market capitalization has soared to over $264 million, while its fully diluted valuation has reached an impressive $1.4 billion. This growth has led to a substantial increase in daily trading volume, which has risen by 410% to more than $35 million in the past 24 hours.

Binance has tagged GPS with a “seed” tag, a designation it assigns to new tokens that may carry higher risks compared to more established cryptocurrencies. The exchange has done so to ensure users are aware of the potential volatility and risks associated with newly listed tokens. GPS will be available for trading on the Base network, a platform designed for decentralized finance (DeFi) applications.

GoPlus Security, the project behind the GPS token, is a Web3 encrypted security platform that provides real-time token security auditing and decentralized data solutions. Its native token, GPS, functions as a utility token within the ecosystem, allowing users to stake their tokens to operate security nodes or provide security-related data. In exchange for staking, users can receive incentives, contributing to the network’s security and overall growth.

A day before Binance’s announcement, Changpeng “CZ” Zhao, the former CEO of Binance, shared a post from GoPlus Security, which issued a cautionary warning regarding the “serious security risks” associated with trading Ronaldinho’s newly launched STAR10 token, available on the Binance Smart Chain. The warning highlights the risks users face when engaging with newly launched tokens that may not yet be adequately audited or secured, encouraging caution in trading such assets.

As the crypto market continues to evolve and expand, GoPlus Security’s listing on Binance and the subsequent airdrop event have drawn significant attention to the token and its utility within the Web3 ecosystem. Investors are closely watching the developments, particularly in light of the increased trading volume and the attention the listing has garnered across various crypto communities. With its new partnership with Binance, GoPlus Security is positioned to gain more exposure, further driving its growth and establishing its presence in the competitive world of decentralized finance and token security.