Mina – When Binance?

One of the things that has accompanied the MINA project (and actually every new Crypto project that comes along) is the discussion around listings on major exchanges. You only have to go onto one of the (excellent) Mina Protocol Telegram channels to see the huge amount of ‘When Binance?’, ‘When Coinbase?’ messages posted there on a hourly basis. Traditionally a major listing was a way to bring a new crypto to more people, which in theory was good for the value of the coin and in turn gave the project new imputes and forward trajectory. But it’s always not been such a great thing in recent times.

Be careful what you wish for

We can all acknowledge that MINA is an A1 top Blockchain with a brilliant team using groundbreaking tech to reinvent crypto.  We can all also acknowledge that MINA is still in its relative infancy regarding use cases, applications, partnerships and real-world potential. You only have to look at another recent Coinlist ICO, Clover to see how a major listing (in this case Binance) affected price action in the days before (and after listing).

See below a Clover price chart for the last few days. Can you guess when the Binance listing was announced? Hint – It was on July 29th. As you can see Clover did experience a fairly significant pump on the news that it was being listed, but even before trading was available on Binance the price was sliding and the price of Clover is now pretty much the same as it was before listing. So although Clover may benefit from long term exposure on a bigger exchange a major listing has done very little in the short term.

Remember this is also in a week where BTC finally showed some signs of steady upwards movement and stability, so it’s likely that without this good timing Clover would have made even less of a splash. As you can see during the same week MINA showed real signs of an upward price movement, this was despite no major news announcements or additional exchange listings. 

Timing is everything 

Mina Protocol’s ICO coincided perfectly with the ATH of BTC. Once the coins were released the market was falling and no manner of listings or marketing would have made any significant impact on the long term future of MINA and the Mina Protocol. I am firmly of the belief that the Foundation should right now be focussing only on the tech and that the community should be patient enough to give the project room to breathe and grow without the pressure of short term negative market movements that can harm long term confidence. If you look at the chart below you can see recent activity has been really positive.  

I realise there are also some holders who bought high when MINA was first released who are understandably looking to crawl back into the black. As Coinbase Venutures is one of the initial backers of the project there is a high possibility that MINA will be listed on the Coinbase exchange at some point in the future, but If MINA can develop the (sn)Apps and partnerships necessary to make a real impact BEFORE a major listing then MINA price action can be based on a real value instead of speculation. 

 


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