Yes, that’s right Phemex has reconsidered its position regarding the XRP controversy and has decided to lift the ban. Due to high demand by crypto trading enthusiasts, XRP is back. Phemex has also listed eight new coins that proved to have incredible potential. All of them will be available for spot trading against USDT and as linear contracts with up to 20x leverage.
Why was XRP suspended?
Ripple was in a pretty tight spot in the last couple of months due to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
The SEC accused Ripple of selling XRP as an unregistered security, despite XRP being a bridge currency. It was believed that Ripple sold its currency to family members at a lower price, with the purpose of reselling them at the market value in order to generate profit. Until information surrounding the case became more clear, crypto exchanges decided to suspend it.
But XRP holders didn’t like it, especially big companies. They started to defend Ripple against the SEC accusations. Among them was lawyer John Deaton who promised to fight for 11,000 XRP holders. Therefore, due to popular demand for XRP, Phemex has decided to bring it back for spot and contract trading.
What are the new coins?
As you may already know, Phemex is a lot more stringent than other exchanges. Not just any cryptocurrency gets listed. The goal is to provide users with the best options available on the market. The crypto projects added need to be fully vetted and must show amazing potential and public demand.
After careful research, Phemex has listed the following eight cryptocurrencies.
Basic Attention Token (BAT)
This token was built for the digital advertising industryso that publishers, creators and advertisers are paid as they deserve. And since the team behind BAT chose its target audience so well, it managed to amass over one million users in just a single year. The market cap hit over $1.8 billion with a trading volume of $490 million in the last 24 hours. Therefore, it meets all the criteria to be accepted by Phemex.
Chiliz has captivated the market with another surprising target audience Socios.com, where people can purchase branded fan tokens from popular sports teams like FC Barcelona, Juventus and Atletico de Madrid. Its market cap reached over $4 billion with a trading volume of $459 million in the last 24 hours.sports lovers. The token is the core cryptocurrency for
Another innovative crypto project that is listed on Phemex is MANA, the core crypto for Decentraland, a platform where people can trade their assets in a fully virtual world. This virtual realm is built entirely by usersevery scene, structure, T-shirt or dragon another target audience video gamers. With so many digital designers and gamers out there, it’s no surprise that it hit a market cap of over $2 billion and has a 24-hour trading volume of $220 million.
Enjin Coin (ENJ)
Enjin Coin backs up a blockchain project that allows users to create, manage and trade fungible and non-fungible tokens. So far, over one billion gaming assets were created, and they don’t lack creativity. Spaceships, vehicles, armorsyou name it. The numbers speak for themselves $2 billion market cap and a 24-hour trading volume of $280 million.
Sushi Swap (SUSHI)
SUSHI opens the door to a fully DeFi platform, where users can swap, earn, stack yields, borrow or leverage crypto assets. Besides its complete ecosystem, Sushi Swap has conquered crypto enthusiasts with its unique approach to presenting products.App storage, for example, is named the Bento Box. With a team that knows how to make its offerings sound unique compared to other DeFi platforms and with a great marketing strategy, SUSHI’s market cap has risen to $2 billion.
By holding SNX, users are providing collateral to the Synthetix protocol in exchange for rewards. You can trade Synths with infinite liquidity and zero slippage. Phemex has listed it because of its amazing stats$2.06 billion market cap and over 76,000 holders.
The Graph (GRT)
GRT is the core currency for a crypto platform built for APIs. On the platform, you can build APIs for DeFi, marketplaces and even social media. The project is backed by top brands in the crypto domain, such as Coinbase Ventures, Compound and Multicoin. No wonder they’ve got a market cap of $1.9 billion.
MKR is the utility token of the Maker DAO platform, and everyone who holds it has something to say in future decisions regarding the main project. It has one of the biggest market caps in cryptoalmost $6 billion with a $1 billion trading volume in the last 24 hours. Having 9.91% of the total market really says something, especially since there are over 8,000 cryptocurrencies right now.
Who is Phemex
Phemex is a crypto exchange company managed by leading Wall Street traders. It offers up to 100x leverage and is by far one of the safest crypto platforms out therewith offline signatures for cold storage, which is just one key feature. Phemex offers way more than that.
The enjoyable activities that this team organizes for users are what make Phemex stand out. For example, the trading arena competition allows users to join forces to receive huge prizes. The last edition finished with an 8 BTC total prize pool for the best teams.
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