Binance Enlists MAGIC in Innovation Zone After Massive Purchase

• Magic had been enormously purchased by an anonymous whale over the past month.
• Binance incorporated the coin in the Innovation Asset List.
• The list includes the “popular” and “active” coins to allow users to purchase them from the comfort of Binance account.

It had been reported that the utility token of Treasure, MAGIC, built on Arbitrum, had enormous purchases during the previous month. Currently, it has a trading volume of $37,428,067, which necessitates Binance to include the coin in the Innovation Zone. The huge purchase arose ambiguities within the community with the possibility of insider trading.

The blockchain analyst, Nansen Intern, shared the on-chain data regarding the doubling of the coin’s price:

As per the reports, a single whale has massively purchased the tokens which are approximately worth $1 million, over the previous month. According to Nansen’s tweet, a majority of the purchase was done in the last week.

In 2021, Binance introduced a new feature “Innovation Zone and Listing” for including the most “popular” and “active” crypto coins in the list:

Our team has created the Innovation Zone, which will allow users to trade newer token offerings from the comfort of their Binance account, while at the same time protecting less suited users from being exposed to the “risk” that comes with trading them.

As the ENS (Ethereum Name Service) address190416.eth was not the only buyer, the possibility of it being bought by an insider trader proved minimal. As such, Binance subsequently incorporated the coin in the list of Innovation Assets.

Comparatively, the market capitalization of the coins enlisted in the innovative assets is lesser than the leading assets in the market. Thus, after including MAGIC in the list, Binance would separate the coin from the regularly traded assets, to ensure that traders are free from risks.