Two little-known altcoins have moved north after receiving unexpected support from Coinbase, the largest cryptocurrency exchange in the United States.
In a new announcement made on Tuesday at 19:00, Coinbase; announced that it will begin trading ARPA Chain (ARPA), Bounce (AUCTION), and Perpetual Protocol (PERP), all three of which are Ethereum-backed tokens.
While PERP was relatively unaffected by the new announcement, both ARPA and AUCTION ignited significant rallies. According to CoinGecko, ARPA Chain (ARPA)increased by 50 percent after the support announcement. ARPA, which lost some of its gains, is trading at $0.17, an 80 percent increase compared to last week.
After the news Bounce (AUCTION)It rose 27 percent from the $33 range to around $42 before experiencing a consolidation. At the time of writing, AUCTION is trading at $35, up 10 percent on the day, according to CoinGecko data.
Barley Chainis a layer-2 computing network designed to support privacy-preserving smart contracts, data storage, and scalable off-chain transactions. Credit fraud prevention, secure data wallets, sensitive marketing, joint AI model training, and key management systems are among the use cases listed by Binance.
bounce is a decentralized auction protocol for token and non-fungible token (NFT) sales. Here’s how Coinbase explains Bounce (AUCTION):
“AUCTION supports incentives in the protocol, provides benefits and management rights for owners, and is used to pay for certified listings.”
Declining instead of increasing after the news Perpetual Protocolis a decentralized platform that allows users to open leveraged trading positions in fiat currencies, cryptocurrencies or commodities without using counterparties. PERP powers the platform as a governance token and can also be staked. At the time of writing, PERP is trading at $16, down 10 percent in the last 24 hours, but despite this, the altcoin’s value has increased by over 1300 percent compared to last year.
Coinbase recently added NFT marketplace Rarible (RARI) and BadgerDao, which aim to tokenize Bitcoin (BTC) for use in decentralized finance (DeFi) protocols. After the announcement, the prices of both altcoins rose.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.