Yesterday at 13:25 UTC, NANO was trading at the price of $8.4. The prices for NANO shot up within an hour and trended a bullish curve in the market. On the 4th of May at 09:09 UTC, the market for NANO reached $10.3 which was recorded as the month’s highest trading price. At press time price have dropped to $9.23 and has a market capitalization of $1.2 billion.
This rise in price is speculated due to the Binance giveaway for NANO tokens. In the past one-week period, NANO has seen an upsurge by 26%. But in the last 24- hour period the prices have fallen by 5% which is contradicting to the endorsements made by Binance.
According to Binance twitter page, the trading platform is giving away 15,000 NANO token. The NANO giveaway is based on a competition which will be held from the 4th of May till the 5th of May.
According to the Binance official support page, the users will have to compete for the maximum volume of NANO traded on Binance in the given time period. The competition of trade includes buying and selling of the token across the NANO trading pairs.
A sum of 6,000 NANO will be awarded to the 1st prize winner 4,000 NANO to the 2nd, 2,000 NANO to the 3rd, and the positions 4th till 53rd will receive an even split of 3,000 NANO. The trades’ occurring during the competition period will be deemed as ‘wash trades’ therefore will not be counted towards the users trading volume. The rewards will be given 2 weeks after the competition.
“Making rich people richer! Nothing for low volume customers! That’s not fair dude! Y’all never do any kind of cool giveaways for the little people and always for the wealthy or rich. At least make a giveaway for everyone who uses your exchange. This is how the rich stay rich binance come on”
“For all the poor people like me. This is marketing. They profit from transaction fee. So they give back to who trade the most. Poor like us also benefit from volume though.”
Raven replies on the Binance twitter page:
“Agree with many here. These competitions are disgusting, and I’d gladly see them all go away. Makes crypto exchanges feel like some gaming site carnival. And obviously only serves people with deepest pockets.”
VJ Asterix says:
“boohoo. All your comps are for whales and basically incentive them to manipulate the price your wider user base. Is that even legal?”