Coinbase, one of the world’s largest cryptocurrency exchanges, listed 3 new altcoins, prices peaked again in a short time. Here are the latest examples of the Coinbase Effect.
Coinbase expands its list with these 3 altcoins
Coinbase Assets announced on Twitter today that they have listed Injective (INJ), Pundi X (PUNDIX), and XMON (XMON) tokens. Transactions start at 11:00 tomorrow morning after the necessary liquidity is provided. As expected, 3 altcoins gained double digits after the news of the listing. PUNDIX was the altcoin that made the most efficient use of its news, with a response of over 20 percent.
Coinbase will add support for Injective (INJ), Pundi X (PUNDIX), and XMON (XMON) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost.
— Coinbase Assets (@CoinbaseAssets) September 19, 2022
Before we continue, the “Coinbase Effect” is a phenomenon that implies that every listing news in the market will result. The theory around the ‘Coinbase Effect’ is simple: if you get listed on Coinbase, your price will skyrocket. This trend has been going on for years. Most new listings lead to a massive price spike called the Coinbase Effect. This is especially true for a few cryptocurrencies like District0x and Civic, which have seen increases of 642% and 492% after their listings in 2020 and 2018, respectively.
What happened to INJ, PUNDIX, and XMON after the listing news?
Pundi X (PUNDIX)
Altcoin PUNDIX was the biggest reaction to Coinbase’s listing news. Pundi X is a developer of Blockchain-powered devices that aims to transform individual businesses with its Blockchain-based point-of-sale solution. The Altcoin project allows individuals to perform instant in-store transactions on the Blockchain. Ranking 157th by market capitalization, PUNDIX gained more than 20% after the listing news. Interestingly, buyers do not prefer to take profits at higher levels yet.
PUNDIX is currently trading at $0.557. However, it still says that the ATH price is over 90% off at $7.14.
Injective (INJ)
Just like PUNDIX, the INJ token has gained around 15% after the news of the listing. Injective provides access to unlimited DeFi markets. Ranked #169 by market cap, INJ is currently trading at $1.63. However, the ATH price is still over 90% off at $25.01.
XMON (XMON)
The last altcoin listed by Coinbase was XMON. 0xmons are limited digital collectibles based on Ethereum. They are inspired by a mix of Pokemon, SCP and Lovecraft. XMON’s reaction to the listing news was over 10%. The altcoin is currently holding this gain around 6%.
Coinbase is one of the largest cryptocurrency exchanges, especially popular in the USA. As quoted by Kriptokoin.com, Coinbase’s listing news is often uplifting. Here’s what happens after HBAR is listed.
29751
