TL;DR
- The cryptocurrency market is on the rebound, with various altcoins seeing minor gains, while a certain digital asset surged by over 20% after Coinbase announced support for it.
- Similar listings, such as those for Akash Network (AKT) and Helium Mobile (MOBILE), demonstrate the exchange’s influence on boosting crypto valuations and investor interest.
The cryptocurrency market continues to recover from the most recent correction, with Ripple (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), and many other altcoins witnessing minor gains on a daily scale. Other assets, though, have rallied much more significantly, with Ronin (RONIN) being an evident example.
The gaming token’s value surged by over 20%, reaching $4.34 (per CoinGecko’s data)—just a few cents away from a new all-time high. Its market capitalization surpassed $1.3 billion, making it the 88th biggest cryptocurrency.
RONIN’s latest spike was likely fueled by Coinbase’s decision to enable trading services with it. The official announcement comes two days after the exchange revealed it will support the asset on the Ronin network.
Backing by a leading crypto platform like Coinbase can positively impact the valuation of the involved asset since it might lead to increased legitimacy, enhanced liquidity, and, subsequently, a new wave of investors.
This is not the first time the company’s actions have triggered a price spike for a certain digital currency. The same thing happened last month when Akash Network (AKT) soared by 20% after Coinbase added the token to its “roadmap” section.
Prior to that, the price of Helium Mobile (MOBILE) reached a two-month high following the firm’s decision to support the asset on the Solana network.
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