Coinbase Announces Four New ERC-20 Tokens; Prices Surge
Coinbase Pro announced plans to list four new ERC-20 tokens on Friday, triggering a flurry of buys which saw all four soar to double digit 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 its intention to focus on ERC-20 tokens back in Q1 of 2018, and Basic Attention Token (BAT) and Ox (ZRX) were the first to gain listings later in the year. As per today’s announcement:
“Following our recent 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 usual speculative build-up which occurs with a coin listing. This marks the continuation of a new trend for the exchange following a similar methodology with the recent Zcash (ZEC) listing.
Despite the lack of build-up, the valuations of all four tokens surged within minutes of the Coinbase tweet ringing out.
MANA tokens spiked 20% in value following the announcement, with particularly strong gains being felt against BTC.
From a low of 1470 satoshis, Decentraland peaked at 1770 sats before a significant 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 against Bitcoin today, as an 1,169% increase to trade volume saw the token price rise from 293 sats up to 470 within one hour.
The price was pulled back to the 393 range before finding some stability 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 spiked 31% on the announcement, climbing from 1116 to 1465 satoshis and floated by a +200% increase to trade volumes, which rose from $700,000 to $2.2 million.
As with the previous two, the majority of action came from Binance, which housed 77.5% of the daily trades.
Ranked around 130th place by market cap, Civic climbed 28% in value against BTC today, with CVC tokens climbing from 1418 satoshis up to 1827 sats by the peak of the surge. The subsequent drop-off on the Binance trading floor saw the valuation drop as low as the 1620 range, marking an immediate halving of the day’s gains.
Trade volumes quadrupled during the spike, rising from $500,000 to $2 million, with 47% of the total coming from Binance.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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