TL;DR
- The inclusion of new digital assets on Coinbase’s roadmap resulted in a significant price surge for the affected tokens.
- Numerous other cryptocurrencies have benefited from the exchange’s support over the past several months, while some have been negatively impacted due to delisting efforts.
The Coinbase Effect
The US-based cryptocurrency exchange added BankrCoin (BNKR), Jito Staked SOL (JITOSOL), and Metaplex (MPLX) to its roadmap on July 22. The section comprises digital assets that may be officially listed on the platform if they meet certain criteria.
“The launch of trading for these assets is contingent on market-making support and sufficient technical infrastructure. We will announce the launch of trading separately once these conditions have been met,” the company clarified.
Backing from one of the biggest crypto exchanges typically has a positive effect on the prices of the involved tokens due to increased liquidity, better accessibility, and a boosted reputation.
BNKR and MPLX were no exceptions, with their valuations rising by 27% and 18%, respectively. JITO initially pumped but later erased the gains and is currently in the red zone on a daily scale.
An even more impressive price jump was observed last week when Coinbase added Caldera (ERA) to its iOS and Android applications with the “Experimental” label. The move enabled users of the exchange to buy, sell, convert, send, or receive the asset.
ERA’s valuation skyrocketed by 75% to surpass $1.80. In the following days, however, the bears stepped in, and as of this writing, the token trades at roughly $1.26.
Other Examples
More than a month ago, Coinbase officially embraced Fartcoin (FARTCOIN), PancakeSwap (CAKE), and Subsquid (SQD). All of the involved cryptocurrencies experienced a price uptick.
In January, the popular meme coin Peanut the Squirrel (PNUT) headed north after the exchange enabled trading services with it, whereas Toshi (TOSHI) experienced a triple-digit surge after the company added it to its roadmap.
It’s a different story when Coinbase delists cryptocurrencies. In May, Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) witnessed significant crashes after the platform announced it would no longer provide trading services with them.
Read the full article here
