TL;DR

A lesser-known cryptocurrency printed a massive green candle after receiving support from some of the industrys giants. DEEP and AVNT are other altcoins that have previously jumped due to the same reason.

The Impressive Pump

FLUID the cryptocurrency of the DeFi protocol Fluid registered a staggering 55% price increase over the last 24 hours. It briefly soared to $8.60, the highest point since the end of 2024, before slightly retracing to the current $8.20 (according to CoinGeckos data). Meanwhile, its market capitalization hit a record of more than $650 million.

FLUID Price, Source: CoinGecko The major catalyst behind the rally seems to be the support from some of the biggest crypto exchanges. Earlier today (September 24), Binance launched the FLUID/USDT perpetual contract with up to 75x leverage. 

The product has no expiry date and allows users to speculate on the price of the asset with borrowed money without owning it. The contract will have the multi-assets mode activated, which enables people to employ other cryptocurrencies in the trading process.

Multi-Assets Mode allows users to trade the aforementioned perpetual contract(s) across multiple margin assets, subject to the applicable haircuts. For example, when the Multi-Assets Mode is activated, users can use BTC as margin when trading the aforementioned perpetual contract(s), Binance explained.

The leading South Korean cryptocurrency exchange, Upbit, also hopped on the bandwagon. It listed the FLUID/KRW, FLUID/BTC, and FLUID/USDT trading pairs, clarifying that it will support only deposits and withdrawals via the Ethereum network. 

Backing from those platforms increases the liquidity, availability, and visibility of the involved asset and also boosts its reputation. After all, Binance serves more than 280 million users, whereas Upbit has around 10 million clients. 

Previous Similar Cases

Earlier this year, DeepBook (DEEP) also witnessed a double-digit price increase following support from Binance and Upbit. 

Such was the case with Avantis (AVNT), which exploded by 50%. Last week, the biggest crypto exchange listed the token with a seed tag, launching the AVNT/USDT, AVNT/USDC, and AVNT/TRY spot trading pairs and added it to its Binance Simple Earn, Buy Crypto, Binance Convert, and Binance Margin programs.

For its part, Upbit introduced the AVNT/KRW, AVNT/BTC, and AVNT/USDT trading pairs.