New Coinbase Pro Coin Listing Of BAT Token Causes Price To Surge As Insider Trading Claims Arise
Coinbase recently wrote a Medium blog to announce the upcoming launch of the Basic Attention Token (BAT). Since BAT has gone live on Coinbase Pro, many investors are taking notice. The progress that it has made with its surge in value has led some people to believe that the listing on Coinbase’s platform is coming. However, there are still plenty of people who believe that BAT still does not show value.
The last month of activity for the Basic Attention Token has come with a lot of attention, as it follows a theory called the Coinbase effect, essentially saying that any token added to their platform rises in price. With a new Brave browser update, more users will soon be able to view this token, bringing it the traffic that it needs to continue the uptrend.
With the success that BAT has seen, there is plenty of speculation regarding when BAT will actually be added to Coinbase, since it is already on Coinbase Pro. It took an extra day to add it to the Pro platform, so it is possible that the same pattern will happen with Coinbase. Over the next few days, there should be more information about those dates.
Twitter user Cryptopal, who frequently posts about cryptocurrency and investments, said, “In terms of when $BAT will get listed on @coinbase I am thinking Monday or Wednesday now instead of Tuesday as previously anticipated. I say this as they listed #BAT on @CoinbasePro on Friday instead of Thursday as I previously thought would be the day.”
There are theories that it may not be a coincidence that BAT has seen so much success, leading to may conspiracy theories. One of the most popular, which has 21 million people behind it, is that Coinbase engaged in “insider trading” before the token went live. This would not be the first time that Coinbase had such an accusation, considering that the same rumors came about when Coinbase brought in Ethereum Classic and Bitcoin Cash. However, there are also some investors on the side of the Coinbase Effect.
Right now, there seems to be a debate amongst some investors if holding BAT is a good idea, since the surge may only be a temporary result of being added to Coinbase Pro. The call is difficult, like any investment in cryptocurrency, because there is the potential for correction and there is no way to tell how long the Basic Attention Token will continue the increase in price.
In the last 24 hours, BAT has had a growth of 5.38%, and is presently trading at $0.293280. The present market cap of $293,279,801 and has experienced over $71 million in trading in the last 24 hours.