This Cryptocurrency Spikes 20% After Coinbase Announces Support

TL;DR

• The value of a particular cryptocurrency briefly increased by nearly 20% after Coinbase’s interaction.
• Such price movements are common following announcements from the exchange, demonstrating its potential impact.

The price of Helium Mobile (MOBILE) soared by almost 20%, reaching a two-month high after an announced support from the leading cryptocurrency exchange Coinbase. However, the asset could not keep the momentum, with its value retracing in the following hours.

The company will add support for the asset on the Solana network, advising users not to send it to other networks as they may lose their funds. 

Coinbase will add support for Helium Mobile (MOBILE) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 21, 2024

“Trading will begin on 22 February 2024 at or around 12pm ET if liquidity conditions are met. Once sufficient supply of this asset is established, trading on our MOBILE-USD trading pairs will launch in phases. Support for MOBILE may be restricted in some supported jurisdictions,” the exchange clarified.

This is not the first time when the price of a certain cryptocurrency has spiked following a Coinbase disclosure. One example is Render (RNDR), which jumped by 10% at the end of last month after the firm placed it on its “roadmap” section.

A few months back, the Solana meme coins dogwifhat (WIF) and Bonk Inu (BONK) also took the offensive after the company allowed trading options with them.