This Cryptocurrency Shoots 20% as Coinbase Prepares for a Itemizing

TL;DR

• The valuation of 1 explicit cryptocurrency spiked after Coinbase added it to its “roadmap,” indicating potential future itemizing.
• Such bulletins from the corporate have traditionally led to cost will increase for affected digital belongings, highlighting the affect on market accessibility and investor curiosity.

The worth of Akash Community (AKT) jumped by roughly 20% following Coinbase’s announcement so as to add the token to its “roadmap” part.

Property added to the roadmap as we speak: Akash Community (AKT)https://t.co/rRB9d3hSr2

— Coinbase Property 🛡️📞 (@CoinbaseAssets) February 26, 2024

AKT’s valuation reached a 28-month excessive of virtually $5 minutes after the change’s disclosure however later barely retraced to its present degree of round $4.60 (per CoinGecko’s information).

It’s value noting that belongings a part of the “roadmap” are nonetheless within the experimental zone and should meet sure standards earlier than being formally listed. As such, Coinbase warned customers to chorus from coping with these earlier than an official announcement:

“Transfers and buying and selling should not supported for these or some other belongings till an inventory is formally introduced. Depositing these belongings into your Coinbase account earlier than an official announcement might result in everlasting lack of funds.”

This isn’t the primary time the value of a cryptocurrency has headed north following comparable disclosures from the change. Render (RNDR) soared by 10% on the finish of January after the agency positioned it on its “roadmap part.”

Final week, Helium Cellular (MOBILE) ascended roughly 20% hours after the corporate added help for the asset on the Solana community. 

In the meantime, an official itemizing on a number one cryptocurrency change corresponding to Coinbase may set off an much more substantial worth rally for the concerned digital belongings on account of making them extra accessible to a big base of shoppers, rising their legitimacy, and doubtlessly attracting extra traders with contemporary capital.

The precise factor occurred to Bonk Inu (BONK) on the finish of 2023. Whereas Solana-based meme coin took off after Coinbase put it on its “roadmap,” its worth elevated much more as soon as it was formally listed on the platform.