Coinbase Announces Four New ERC-20 Tokens; Prices Surge
Coinbase Pro announced skeleton to list 4 new ERC-20 tokens on Friday, triggering a flurry of buys which saw all 4 soar to double number growth.
As per the announcement, inbound transfers have already begun for Decentraland (MANA), districtOx (DNT), Loom Network (LOOM) and Civic (CVC).
Coinbase Focuses on ERC-20
Coinbase announced the goal to concentration on ERC-20 tokens back in Q1 of 2018, and Basic Attention Token (BAT) and Ox (ZRX) were the first to benefit listings after in the year. As per today’s announcement:
“Following our new launches of 0x (ZRX), Basic Attention Token (BAT), and our stablecoin, USDC (USD Coin) — all of which are built on Ethereum’s ERC20 standard — we’re now announcing support for Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA), on Coinbase Pro.”
The news came out of nowhere on Friday afternoon, depriving traders of the common suppositional rave which occurs with a silver listing. This outlines the delay of a new trend for the sell following a identical methodology with the new Zcash (ZEC) listing.
Despite the miss of build-up, the valuations of all 4 tokens surged within mins of the Coinbase tweet toll out.
MANA tokens appearance 20% in value following the announcement, with quite clever gains being felt opposite BTC.
From a low of 1470 satoshis, Decentraland appearance at 1770 sats before a poignant drop-off back to the 1640 range. All numbers taken from Binance, which housed 75% of the $11 million daily trade volume – up 37.5% from before the announcement.
The Coinbase boost gave DNT 60% gains opposite Bitcoin today, as an 1,169% boost to trade volume saw the token cost arise from 293 sats up to 470 within one hour.
The cost was pulled back to the 393 operation before anticipating some fortitude around 410. Over 80% of DNT trades came from Binance today – which rose from $260,000 to $3.2 million following the announcement.
Loom Network (LOOM)
Loom Network appearance 31% on the announcement, climbing from 1116 to 1465 satoshis and floated by a +200% boost to trade volumes, which rose from $700,000 to $2.2 million.
As with the prior two, the infancy of movement came from Binance, which housed 77.5% of the daily trades.
Ranked around 130th place by marketplace cap, Civic climbed 28% in value opposite BTC today, with CVC tokens climbing from 1418 satoshis up to 1827 sats by the rise of the surge. The successive drop-off on the Binance trade building saw the gratefulness dump as low as the 1620 range, imprinting an evident halving of the day’s gains.
Trade volumes quadrupled during the spike, rising from $500,000 to $2 million, with 47% of the sum entrance from Binance.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He binds investment positions in the coins, but does not rivet in short-term or day-trading.
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