26 C
August 9, 2022
Image default

Coinbase Pro “pumpou” several cryptocurrencies

Listings ads strongly boosted the price of several currencies

These are not really intentional pumps, but the listing on Coinbase Pro has once again proved to be decisive in raising the price of some cryptocurrencies.

This includes Ankr (ANKR), Curve DAO (CRV) and Storj (STORJ) tokens, whose listing on Coinbase Pro was announced on Tuesday, March 23, 2021.

“As of today, incoming transfers to ANKR, CRV and STORJ are now available in regions where trade is supported. Traders cannot place orders and no orders will be fulfilled. Trading will begin at 9:00 am PT on Thursday, March 25, if liquidity conditions are met. ”

The price of ANKR was hovering just over $ 0.07 in the past few days until Coinbase’s announcement, which shot up to $ 0.11 in a matter of hours.

In other words, Coinbase caused a 57% increase in value, although the price subsequently dropped to $ 0.85.

However, the current price, two days after the announcement, is still 30% higher than Monday’s.

A similar fate befell CRV, whose price fell from almost $ 3 on Saturday to $ 2.3 on Tuesday.

Coinbase’s announcement generated a 34% increase in just a few hours, but the next day it dropped back to $ 2.4. So it was just a momentary pump.

STORJ’s case was more dramatic, as the price had been struggling to stay above $ 1 for several days.

Coinbase’s ad skyrocketed 90% in a few hours to $ 1.9. The next day it dropped to $ 1.4, only to rise again to almost $ 1.6.

Now STORJ is back just above $ 1.4, more than 40% above its pre-listing value.

It is worth mentioning, however, that only ANKR reached its ATH on Tuesday, while CRV’s ATH dates back to August of last year, and that of STORJ goes back to the great speculative bubble of late 2017 / early 2018, when it reached more of $ 2.8.

Coinbase Pro pumps

In the past, similar pumps have resulted from the listing announcement on Coinbase, as happened recently with Cardano.

Sometimes, the pump is only temporary, as in the case of daoCRV, but other times it affects the price trend in the medium term.

The pump is almost always quite fast, that is, it lasts a few hours after the announcement, while in the following hours, including the real listing, a drop occurs. This dynamic took place this time too.

Source: Cryptonomist

Related posts

Index Chain: Privacy combined with Blockchain technology

Anupreet Kaur

Vitalik Buterin talks about crypto bubble and says Ethereum may overtake Bitcoin in the future

Anupreet Kaur

Process drags volatility for investors XRP- Webitcoin

Anupreet Kaur

Leave a Comment