These Altcoins Surge Double Digits After Coinbase Support: Details

TL;DR

• The inclusion of new digital assets on Coinbase’s roadmap resulted in a significant price surge for some of the affected tokens.
• The exchange has not yet officially listed these cryptocurrencies, as they must first meet certain criteria.

One Step Before Official Listing

The leading US-based cryptocurrency exchange Coinbase added five altcoins to its roadmap on August 21. Among the names is the popular meme coin SPX6900 (SPX) as well as AWE Network (AWE), Dolomite (DOLO), Flock (FLOCK), and Solayer (LAYER).

Some of the involved tokens experienced a substantial price boost following the announcement. The biggest gainer is FLOCK, whose valuation soared by 26%, while DOLO pumped by 10%. The rest have posted more modest increases, whereas SPX remains in red territory on a daily scale.

A positive price reaction for a certain cryptocurrency after support from Coinbase is rather normal. After all, such backing leads to boosted liquidity, enhanced accessibility, and a better reputation. 

It is important to note that adding digital assets to the roadmap is not the same as an official listing but rather a necessary step before such an initiative. It is a signal that Coinvase is actively evaluating the involved cryptocurrencies and might allow trading services once they meet certain criteria.

“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,” the company warned.

Previous Cases

Coinbase’s support in the past months has resulted in similar and even more substantial price pumps for the involved cryptocurrencies. In mid-July, the exchange added Caldera (ERA) to its iOS & Android applications with the “Experimental” label, which was followed by a 75% rally. 

This section comprises tokens that are either new to the platform or have relatively low trading volume compared to the broader crypto marketplace.

“We encourage you to exercise caution with these assets as they come with certain risks, including price swings and cancelled orders associated with lower volume and availability,” Coinbase alerted at the time.

A week later, the exchange added BankrCoin (BNKR), Jito Staked SOL (JITOSOL), and Metaplex (MPLX) to its roadmap. BNKR was the biggest gainer, rising by 27% after the disclosure.