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TL;DR
- Coinbase’s latest listing efforts triggered a price increase for some cryptocurrencies.
- However, the rally was short-lived, and the involved ones erased much of the gains in the past several hours.
The Latest Additions
The US-based cryptocurrency exchange Coinbase officially added support for three digital assets: PancakeSwap (CAKE) on the Ethereum network, Subsquid (SQD) on the Arbitrum network, and Fartcoin (FARTCOIN) on the Solana network.
The news was released yesterday (June 11), while trading services with the aforementioned tokens will become available to users from today.
The announcements caused a price uptick for all involved coins. CAKE pumped by 6% to as high as $2.69, FARTCOIN rallied above $1.50, while SQD hit a new all-time high of $0.28. It is important to note that the entire crypto market was booming yesterday following the positive US CPI data and the developments in the USA-China trade relations.
In the following hours, the sector headed south, and Coinbase’s newly added tokens lost much of their recent gains. As of this writing, SQD remains in the green zone, whereas FARTCOIN and CAKE have charted losses on a 24-hour scale.
The initial pump of the tokens shouldn’t come as a surprise. After all, Coinbase is one of the largest crypto exchanges in the world, and its support boosts their liquidity, accessibility, and overall reputation.
This theory has been backed up numerous times in the past several months. At the start of the year, the meme coin Peanut the Squirrel (PNUT) witnessed a 30% price increase after Coinbase introduced it on its platform.
Just days later, another meme – Toshi (TOSHI) – exploded by triple digits after the exchange added it to its roadmap. This is a special zone where assets must meet certain criteria before being officially listed.
Different Story When Delisting
Towards the end of May, the company announced that users will no longer be able to conduct trading services with Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) starting from June 26.
“MOBILE, RNDR, RBN, & SYN are being delisted because new versions of these tokens have been released. As a result, the original versions of these tokens no longer meet our listing criteria,” it said at the time.
The delisting effort triggered a substantial pullback for the affected ones, with SYN suffering the most significant loss of around 15%.
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