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Saturday, May 18, 2024

This Cryptocurrency Shoots 20% as Coinbase Prepares for a Listing

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  • The valuation of one particular cryptocurrency spiked after Coinbase added it to its “roadmap,” indicating potential future listing.
  • Such announcements from the company have historically led to price increases for affected digital assets, highlighting the impact on market accessibility and investor interest.

The price of Akash Network (AKT) jumped by approximately 20% following Coinbase’s announcement to add the token to its “roadmap” section.

AKT’s valuation reached a 28-month high of almost $5 minutes after the exchange’s disclosure but later slightly retraced to its current level of around $4.60 (per CoinGecko’s data).

AKT Price, Source: CoinGecko

It is worth noting that assets part of the “roadmap” are still in the experimental zone and must meet certain criteria before being officially listed. As such, Coinbase warned users to refrain from dealing with those before an official announcement:

“Transfers and trading are not supported for these or any other assets until a listing is officially announced. Depositing these assets into your Coinbase account before an official announcement may lead to permanent loss of funds.”

This is not the first time the price of a cryptocurrency has headed north following similar disclosures from the exchange. Render (RNDR) soared by 10% at the end of January after the firm placed it on its “roadmap section.”

Last week, Helium Mobile (MOBILE) ascended approximately 20% hours after the company added support for the asset on the Solana network.

Meanwhile, an official listing on a leading cryptocurrency exchange such as Coinbase could trigger an even more substantial price rally for the involved digital assets due to making them more accessible to a large base of clients, increasing their legitimacy, and potentially attracting more investors with fresh capital.

The exact thing happened to Bonk Inu (BONK) at the end of 2023. While Solana-based meme coin took off after Coinbase put it on its “roadmap,” its value increased a lot more once it was officially listed on the platform.

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