- May 12, 2020
- 10
- 0
News about the Coinbase announcement that "it may be soon be listing specific DeFi tokens such as Aave, Bancor, Compound, and Synthetix." is everywhere now - everyone is talking, discussing, and speculating what is going to happen next.
But let's have a look at the facts and history for a second:
A very good example of the "Coinbase effect" is Chainlink. In mid-2019 Chainlink, a relatively unknown cryptocurrency received a healthy price surge after landing on Coinbase. LINK was worth just over $2 before its listing was announced and has doubled in price since.
Another example - MakerDAO‘s MKR token. Coinbase officially added the Maker (MKR) token to the supported assets on the exchange’s professional trading platform, Coinbase Pro. MKR, as a result, saw a reported 37% increase.
Recently, we spotted that Uniswap, Kyber, and IDEX have seen a significant increase in daily trading volume. It looks like traders want to secure tokens at the current price – before they are listed. Therefore driving the daily trading volume wild on the top exchanges.
What are your thoughts on this?
But let's have a look at the facts and history for a second:
A very good example of the "Coinbase effect" is Chainlink. In mid-2019 Chainlink, a relatively unknown cryptocurrency received a healthy price surge after landing on Coinbase. LINK was worth just over $2 before its listing was announced and has doubled in price since.
Another example - MakerDAO‘s MKR token. Coinbase officially added the Maker (MKR) token to the supported assets on the exchange’s professional trading platform, Coinbase Pro. MKR, as a result, saw a reported 37% increase.
Recently, we spotted that Uniswap, Kyber, and IDEX have seen a significant increase in daily trading volume. It looks like traders want to secure tokens at the current price – before they are listed. Therefore driving the daily trading volume wild on the top exchanges.
What are your thoughts on this?
