Coinbase Effect Surges Numeraire (NMR) By 160% Following Listing Announcement
An announcement by Coinbase to list AI-focused Numeraire (NMR) token appears to have caused its price to rally by over 160% within the last 24 hours. Metrics from CoinMarketCap indicate that the project’s market cap also surged and currently stands at $127 million while the prevailing price of one NMR token is $46.
Going by these stats, the ‘Coinbase effect,’ which increases the probability of a price surge for tokens set to be listed within its ecosystem, seems to be holding water. The exchange made the announcement only yesterday, but technicals indicate that the market has already caught up with the fundamental value of NMR tokens should the Coinbase Pro listing sail through.
Coinbase highlighted that NMR deposits could be made into its professional trading platform from Monday, August 17, with trading set to begin the following day after 9 AM Pacific Time. Upon the establishment of a stable NMR supply, the Coinbase Pro order books will be rolled out in four phases, which include transfer-only, post-only, limit-only, and full trading. Trading pairs that will feature initially are NMR-GBP, NMR-EUR, NMR-BTC, and NMR-USD.
Numeraire’s (NMR) AI Cutting Edge in Crypto
This hedge fund backed project is among 18 tokens that Coinbase noted it would consider back in 2019. Notably, the hedge, which acts as the NMR parent company, uses AI in executing its fund management role and has since doubled down on the opportunity in crypto markets.
Founded back in 2016, the hedge fund, which is dubbed ‘Numerai,’ has attracted funding from prominent investors like Renaissance Technologies, given its cutting edge in using AI for better prediction models.
With NMR acting as the native token for this AI hedge fund initiative, a debut on Coinbase Pro will expose it to a bigger market. Coinbase, however, said that it would not be available for users in New York State. Currently, users can only fund their accounts through the actual Coinbase Pro platform, although the firm stated that mobile Apps for both Android and iOS would follow later.