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TL;DR
- Certain digital assets recorded substantial price declines following the latest delisting spree announced by the US-based crypto exchange.
- In contrast, some of the company’s previous listing disclosures have triggered double and even triple-digit rallies.
Heading South
The leading cryptocurrency exchange Coinbase announced that it will terminate trading services with Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), & Synapse (SYN) on June 26. The delisting effort was attributed to updated token versions, which no longer meet the platform’s listing requirements.
Coinbase has also moved its order books involving the four altcoins to limit-only mode. “Limit orders can be placed and canceled, and matches may occur,” the company stated.
The prices of the affected assets plunged following the disclosure. RNDR has dropped by 7% on a daily scale, while the rest are down by double digits. The biggest loser is SYN, whose valuation declined by almost 15%.
Such price reactions are somewhat expected. After all, ceased support from a major player like Coinbase leads to reduced liquidity and visibility. Additionally, it can spark fear and doubt among investors, hurt the asset’s reputation, and drive more people to sell.
Render is the biggest cryptocurrency in terms of market capitalization from the affected ones, and some X users commenting on the post were left surprised that Coinbase decided to suspend trading services with it. The company initially added support for the altcoin at the beginning of last year, placing it in its roadmap section and later listing it on the platform.
The Opposite Effect
Usually, the observed price dynamics are much different when Coinbase backs certain cryptocurrencies in one way or another.
Earlier this year, the exchange listed the meme coin TOSHI on its roadmap, a vital step before an official listing. The valuation of the token skyrocketed by over 100% shortly after the inclusion.
A similar occurrence took place in 2024 when Coinbase added Tensor (TNSR), the native token of Solana’s top NFT marketplace, to its roadmap. The announcement triggered a 70% spike in the asset’s price.
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