Following the news that Coinbase, the world’s seventh-largest cryptocurrency exchange, has released 50 altcoins it can list in the second quarter of 2022, many of the tokens under consideration for inclusion on the platform recorded tremendous growth in the hours following the announcement.
gains up to 180%
After Coinbase’s announcement, it was among the 50 altcoins on the platform’s evaluation list. Morpheus Labs (MITX), Chromatica (CHROM) and Big Data Protocol (BDP) Cryptocurrencies like cryptocurrencies have increased by more than 100 percent.
According to CoinMarketCap data; Prior to the Coinbase announcement, on April 11, 2022, it was trading around $0.014. Morpheus Labs (MITX) Its value rose as high as $0.041 today. MITX is trading at $0.0396, up nearly 180 percent in a week at the time of writing.
Traded around $ 0.064 before the news Chromatica (CHROM) The price increased to $0.13 the day following the announcement. Unable to continue its rise, the altcoin dropped to $0.10 percent, but is still trading with a nearly 70 percent increase.
Similarly, according to Coinecko data; Big Data Protocol (BDP) It also posted strong gains, climbing from a week low of $0.059 recorded on April 11, 2022 to as high as $0.158 the next day. The cryptocurrency, which lost some of its gains, is trading at $0.13, up 120 percent from last week at the time of writing.
Coinbase upcoming altcoin listing
As noted by KoinFinans, in a blog post published earlier this week by the company, Coinbase has launched 50 altcoins for trading during the second quarter of 2022, consisting of 45 Ethereum-based tokens (ERC-20 tokens) and five Solana ecosystem tokens (SLPs). He stated that he will add ‘i to his platform.
The San Francisco-based exchange, which went public last year, said in a recent blog post that it is the first to publish such a listing as part of an effort to increase transparency in its listings by “providing as much information symmetry as possible.”
“From now on, as part of its effort to increase transparency by providing as much information symmetry as possible, Coinbase will use this blog post as a pilot project to discuss assets that are considered for listing in Q2 2022.”
Charged with Coinbase Insider Trading
Despite all these transparency efforts, the cryptocurrency exchange has once again garnered public backlash for its involvement in Insider trading after the announcement was made.
A popular crypto influencer named Cobie revealed that he discovered an Ethereum wallet that bought hundreds of thousands of dollars worth of tokens from altcoins on Coinbase’s rating list. According to Cobie, the user purchased the assets at least 24 hours before the announcement:
“I found an ETH address that purchased hundreds of thousands of dollars in tokens from altcoins specifically featured in the Coinbase Asset Listing post, approximately 24 hours before the listing went live.”
Interestingly, the account Chromatica (CHROMIUM), Paper (PAPER), Rac (RAC) etc. It had spent a total of $400,000 on some named assets on the exchange’s listing, including
This is not the first time such an unfortunate event has been recorded in the crypto market. In February, Pawtocol (UPI) and Aventus (AVT) A new wallet containing these altcoins was created 24 hours before their listing was even announced, or even before the announcement was made public.
Coinbase’s goal has always been to list every asset that meets the platform’s legal, compliance, and technical security standards, regardless of the project’s market value or popularity.
This has always been Coinbase’s guiding principle, as the company’s CEO explained last summer. The platform aims to provide the largest inventory of assets to its users and will continue to add support for additional networks and ecosystems.
You can check the price movements here.
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.