Roberto Talamas of Messari examined the performance of various tokens over the first five days after their Coinbase launch in a paper from 2021 titled "Analyzing the Cryptocurrency Exchanges Pump Phenomenon." According to Talamas, the average price of tokens posted on Coinbase increases by 91% during the first couple days after the listing. However, it immediately began to decline in the charts. Additionally, the altcoin's trading volume increased significantly during the past two days. The cryptocurrency has lost 11% of its profits from the date above and is currently trading at $0.007657. Following the release, it saw a 29% day trade surge and traded for as much as $0.00869. ![]() On August 12, it was also placed on the exchange's listing schedule. Trade volume on the platform was 244.559 million at the moment of writing, dropping by more than 200% in only four days.Ĭonsider OOKI, the token issued by Ooki Protocol while determining if a possible listing on Coinbase will boost a coin's value. However, trade activity began to slow down just before the trading day ended. The intraday trade volume on the platform increased to a high of over 845 million in a day due to Coinbase's statement. In addition, NEAR had vigorous trading activity on August 11. NEAR's price has dropped to its range before the news at $5.89 as of press time. Following the rumor that Coinbase planned to add the token, the alternative's price increased by 12%. NEAR had increased 25% before the announcement. The alternative appreciated 28% in July due to the bullish retracement in the overall market. Since the statement was issued, only 6% more money has been spent on NEAR. Does a possible listing, however, have an equivalent impact? Is there truth to the Coinbase effect? Usually, when a cryptocurrency is listed on Coinbase, the price increases. ![]() It reached a high of $6 before changing hands at $5.887. This implied that cryptocurrency was currently one of the assets the marketplace intended to make accessible through its platform.įollowing the statement above, it had an immediate chart uptrend and posted an intraday gain of 12%. One of the top exchange platforms, Coinbase, declared on August 10 that NEAR would be added to its listing plan. When a cryptocurrency is put among prominent exchanges, it receives instant access to a new group of market players. The economic reasoning behind the impact is simple. The "Coinbase Effect" is a famous phenomenon that causes asset values to rise when new listings are revealed.
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