DENT (DENT) was the newest coin to be added to Binance, and, as usual, the event may have triggered trading bots that led to a rapid price appreciation. However, this is just a flash in the pan effect, and for DENT, it barely changes the graph of a long sideways drift.
DENT, which reached a peak of $0.10 at the beginning of January, has slid to the current levels of $0.003, and has also lost 90% of its price down to 63 Satoshi. Now, the sub-penny asset is entering another competition to recover the price. During the bear market, traders may be on the lookout for assets looking like they reached a temporary bottom, but this does not guarantee a robust recovery.
https://twitter.com/binance/status/1015073296897806336
The DENT listing comes with a volatility warning, as the asset is considered risky. Most believe DENT was listed only after paying the steep fees for Binance, possibly in the hope of renewing its fate. The talk of a DENT listing has circulated in the past days, and the rumors turned out to be true.
!DENT!
DENT aims tokenizing mobile data and will soon release a free app supporting access to all ERC-20 tokens, at least according to indications given by the team. However, at these prices, and with such a steep drop, DENT will have to fight to renew its reputation, just like other hot projects which spiked and crashed during the December and January enthusiasm. But DENT is one of the few coins that was wiped out, not remaining even at the level of a few cents.
DENT will be initially traded against ETH and BTC, as Binance usually starts with the two pairings. Only a handful of the hottest and most liquid assets have been paired with Tether (USDT), and those assets have shown a more significant level of trading and price appreciation.
The other recent listing for Binance is Mainframe (MFT), which is still in the price discovery stage and may see a volatile price. MFT has the benefit of being paired with Binance Coin (BNB) as well, ensuring extra liquidity.
This article appeared first on Cryptovest
