The U.S.-based Coinbase has repeatedly been in headlines due to one reason or another. Coinbase has announced that it plans to list four new cryptos for trading. The tokens involve 1inch, NKN, Enjin Coin, and Origin Token. Coinbase pro declared that commencing from April 7, users will be capable of transferring 1inch, Enjin Coin, NKN, and Origin Token to their particular accounts. Trading will start after two days, on April 9, provided liquidity conditions are satisfied. After a sufficient supply of ENJ, INCH, NKN, and OGN is established, all of these altcoins will be accessible for trading against the U.S. dollar, Bitcoin, the Euro, and the British Pound.
According to the blog post, order books are expected to launch in three phases. It involves post-only, limit-only, and full trading. The blog post details that, if at any point one of the new order books does not qualify its assessment for an orderly and healthy market, the firm may keep the book in one state for a longer time or terminate trading. Coinbase has gone on a listing binge before its direct listing on the Nasdaq Global Select Market on April 14, 2021. The U.S.-based cryptocurrency exchange attached trading support for ANKR, CRV, STORJ, and Cardano (ADA), amongst various others. Cardano had witnessed a price surge of 36% when the crypto exchange declared on March 16 that it would list the ADA token.
1inch, Enjin Coin, NKN, and Origin Token Experience Surge in Prices
After Coinbase announced its decision to list four new crypto tokens, 1inch, Enjin Coin, NKN, and Origin Token, they have seen a huge price surge and become the latest recipients of the well-known “Coinbase Effect.” At the time of publication, each altcoin’s price rose by over 20%, 30%, 80%, and 35%, respectively. Moreover, the coins can be subjected to more gains. One should note that insiders who purchased the tokens earlier might drop their holdings on uninformed retail investors.
Meanwhile, the global cryptocurrency market capitalization reached an ATH (all-time high) at $2 trillion this week; Coinbase has witnessed an influx of users trading on its platform. Coinbase’s monthly transacting users hit 6.1 million in Q1 this year and collected in total revenue of $1.8 billion. The company’s significant headlines in current months have impelled its determination to go public. Coinbase will conclude its public listing on the Nasdaq on April 14 while expecting more growth for the rest of 2021.