Last week, OmiseGo (OMG) saw the “Coinbase Effect” after the US-based cryptocurrency exchange announced its listing. Following the support, they even airdropped OMG to users who didn’t receive the tokens in 2017.
This week the latest cryptocurrency to enjoy this effect is Maker (MKR).
Today, Coinbase Pro announced the launch of Maker and the digital currency has already soared over 35% to $465. In 2020, so far, MKR has recorded negative returns of 7.42%.
Maker is supported on Coinbase Pro and starting Monday, June 8, it will start accepting inbound transfers of MKR. Trading will begin for MKR/USD and MKR/BTC 9 AM Pacific Time (PT) the following day but only “if liquidity conditions are met.”
This isn’t the first time Coinbase has launched support for Maker. Back in April 2019, Coinbase Pro added support for MKR along with EOS (EOS) and Augur (REP) but “due to limited liquidity,” trading for the cryptocurrency couldn’t proceed.
The 26th largest cryptocurrency will now be once again available in all Coinbase supported jurisdictions except for New York.
The ERC20 token is a utility and governance token of the Maker system that manages another ERC20 token, the DAI stablecoins.