Binance IEO Project, Band Protocol, Sees Coinbase Effect With Listing News; What Altcoin Is Next?

The ‘Coinbase Effect' is not something new; it is a temporary surge in pricing for the listed coin. In the past, Coinbase has been accused of pumping and dumping the coin through the listing as the price of the token starts pumping hard before the announcement is made public.

But for a very brief time, digital assets to be listed on the exchange get a good increase in its price.

Just yesterday, the San Francisco-based exchange announced the listing of a DeFi project, which is no surprise given that the exchange finds the DeFi space similar to what happened with Bitcoin in 2013 when few understood it and price movements drove its growth.

The exchange is now listing BAND on Coinbase Pro next week on Monday. The company is listing the four pairs viz. BAND-USD, BAND-BTC, BAND-EUR, and BAND-GBP.

Interestingly, Band Protocol was a Binance Launchpad project whose sale went live in August 2019.

Source: @CZ_Binance

The 68th cryptocurrency by market cap of $150 million surged more than 40% in response to the listing announcements and is currently trading at $7.36 in green.

This is one of the top 15 DeFi protocols, which aggregates and connects real-world data to smart contracts. The band protocol enables smart contract applications such as DeFi, games, and predicted markets to be built on-chain without relying on a centralized oracle.

Besides Coinbase listing, this cross-chain data oracle platform partnered with Elrond, a blockchain platform focused on scalability and usability.

“Cross-chain data availability will accelerate DeFi and wider decentralized applications being built on Elrond, while off-chain data will open the door for a multitude of potent business applications,” said Beniamin Mincu, CEO of Elrond.

Coinbase Effect

The Coinbase effect is flaky at best, no doubt, but they are skewed towards the broader market trend, i.e. bear market, choppy market, and euphoric ‘melt-up’ market, as Coin Metrics found in its report.

It is the last market trend that provides promising results, and we are currently in a market that is enjoying gains. So, it makes sense the tokens will benefit from Coinbase listing. The exchange has also taken to list altcoins at a rapid pace.

Coinbase’s latest list of potential coin listings that include Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, THETA, UMA, and WBTC are poised for gains in anticipation of Coinbase listing, but the DeFi ones have even more potential for a bigger uptrend given all the DeFi craze.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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