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.
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