On 6 November the ONE token rose from $0.00106 to $0.00180 on Binance in one day, a gain of 70%. By mid-afternoon UTC on 7 November it was trading near $0.00207, about double the $0.00103 low it touched on 5 November. Harmony ONE is now an Ethereum token, because the team switched off its own blockchain on 10 September.
Harmony’s X account has posted no announcement since 21 October, and nothing it has published explains the jump. The trading records give a narrower but more useful answer: where the buying took place.
What Binance traded on 6 and 7 November
Binance’s market for Harmony ONE traded $20.3 million on Friday 6 November. The seven days before that averaged about $0.5 million a day, so the day was roughly 40 times busier than normal. Saturday added another $24 million by about 16:00 UTC, and the price reached a high of $0.00211.
On CoinGecko, Harmony ONE ranks around 640th, with a market value of about $31 million. The coin is a small altcoin, and the rally was large.
Harmony shut down its own blockchain in September
The token’s recent history is unusual. On 6 September, Harmony proposed to close its network, writing that “the threats posed by state actors and AI agents are too great.” The same post said new ONE tokens would be issued on Ethereum for the same owners, with no claim needed.
Validators were allowed to stop their nodes from 10 September. On 30 September Harmony thanked Binance for reopening deposits and withdrawals of the Ethereum token, and in a supply note on 1 October it set the new token’s cap at 26.271 billion ONE. It listed 14.028 billion for the first distribution, with another 3.59 billion waiting for owners of older accounts to sign a message proving the accounts are still in use. Delivery of the new token began on 2 October.
That note also said exchanges were still missing 5.435 billion ONE of customer balances, down from 6.581 billion a few days earlier. For anyone holding ONE on an exchange, the practical point is that the token they see is now the Ethereum one. Anyone who kept coins on the old chain can check their status on Harmony’s migrate.country page.
The next dated event is 18 November. Harmony said on 21 October that the explorer for its old chain will close that day. A lookup tool on migrate.country will cover activity since 1 January 2025, and anyone who needs older records was told to export them before the closure.
Almost none of this trading happened on Ethereum
The Ethereum version of Harmony ONE has little decentralised trading. DexScreener lists five ONE pools on Ethereum with about $2,700 of liquidity between them and about $5,100 of volume in the past 24 hours. The largest, ONE paired with ETH on Uniswap, holds about $1,500, and its recent trades are mostly around $20 each.
The price therefore reflects what exchange traders are paying, not what Ethereum users are doing. Etherscan counts 4,226 holders of the token. Its holder summary shows that the five largest holders own 79.2% of the 26.271 billion maximum supply, and CoinGecko counts 14.87 billion ONE as circulating.
Where the chart stands after the rebound
On the daily chart, Harmony ONE had slid for a month. Its highs got lower each time, from $0.0029 on 3 October down to about $0.0011 by 5 November. A line drawn through those falling highs is a trendline, and traders read a close above such a line as a sign the slide may be over. Friday’s close, $0.0018, cleared it easily. The line was down near $0.0011 by then.
Even so, ONE sits about 60% under the $0.0052 peak of 21 September. That peak arrived two weeks after Harmony announced the migration. Bulls need ONE to stay above about $0.0011. The old trendline and the 5 November low of $0.00103 sit almost on top of each other there. A daily close below $0.00103 would erase the whole rise. Higher up, the 3 October high of $0.0029 is the next level marked on the chart.
The largest Ethereum pool for ONE holds about $1,500. In the past day Binance traded around 22,000 times that amount.
