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Smart Investor Makes $56,000 in 8 Minutes by Trading Axelar (AXL) Coin

A savvy investor has made a quick profit of $56,000 by buying and selling Axelar (AXL) coin, a new altcoin that was recently listed on Binance, the world’s largest cryptocurrency exchange.

According to a post by Lookonchain, the investor bought AXL right after hearing about Binance’s listing announcement and sold it exactly 8 minutes later.

He spent $500,000 to buy AXL at $0.86 per coin and sold it at $1.46 per coin, making a 70% return on his investment.

Axelar is a decentralized network that claims to deliver “secure cross-chain communication for Web3.” The project provides a protocol suite, tools and APIs to help developers build cross-chain applications without learning new languages or frameworks.

The listing decision by Binance boosted the price of AXL significantly, as it increased the exposure and liquidity of the coin. AXL surged by 80% in the past 24 hours and continued to trade at $2.03 with a 31% increase at the time of writing.

Axelar has a total token supply of 1.14 billion and a circulating supply of 582 million. The project has raised capital from top-tier investors, including Binance, Coinbase Ventures, Dragonfly Capital, Polychain Capital and others.

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