Trading of digital gold on Binance exceeded $325 million.
Token gold trading volume on crypto exchange Binance reached $325 million in seven days, reaching its highest level since the initial post-launch spike. All-time total turnover has surpassed $8 billion, Happy Coin News reports with reference to CryptoQuant.
Interest in digital gold has risen amid a sell-off in cryptocurrencies and technology stocks. In early November, when Bitcoin fell to $76,000, the daily turnover of gold tokens reached $78 million. At the same time, the price of gold itself stabilized at around $4,000 per ounce.
PAXG and XAUT tokens are backed by physical gold and allow you to trade it through a crypto exchange around the clock. However, an increase in circulation does not necessarily mean an influx of new investments: the same tokens can be resold many times.