Small-Cap Altcoin Built on Polkadot Spikes After Earning Support From Crypto Giant Binance

A highly anticipated Polkadot-based project went soaring after crypto exchange Binance announced plans to list the token.

Moonriver (MOVR) is a smart contract platform that features complete Ethereum compatibility. The project aims to make it easy to use popular developer tools to build or redeploy projects based on the Solidity programming language. It utilizes the Ethereum Virtual Machine (EVM) so developers can efficiently port their projects over to Moonriver.

Binance announced the listing just last night.

#Binance Will List @MoonriverNW $MOVRhttps://t.co/ve4C5We8Jk

— Binance (@binance) November 8, 2021

Trading at around $380 at the time of Binance’s announcement, MOVR shot up to a high of $475 in less than one hour as word of the project’s imminent listing began to spread, for quick gains of nearly 25%. MOVR has cooled off slightly, currently trading at $414 at time of writing.

Moonriver is live and operating on Kusama, Polkadot’s canary network. Its sister project called Moonbeam is set to launch on Polkadot (DOT) after the parachain auctions are complete.

As of November 4th, the Polkadot team said that the parachain auctions are slated to kick off on November 11th. 

Referendum 42, the motion to enable parachain registration and crowdloans, has passed the community vote and been enacted. Parachain teams are now able to register their parachain and open their crowdloan ahead of the first auction on November 11, 2021. https://t.co/zFSxsozsSF

— Polkadot (@Polkadot) November 4, 2021

Polkadot has also enjoyed upward price action ahead of its parachain auctions, clocking nearly 50% worth of gains in the last month. At time of writing, DOT is trading at $54.39.

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Featured Image: Shutterstock/MicroOne