This Cryptocurrency Shoots 20% as Coinbase Prepares for a Listing

TL;DR

• The valuation of one particular cryptocurrency skyrocketed after Coinbase added it to its “roadmap,” indicating a possible inclusion in the future.
• Historically, these company announcements have led to price increases for the affected digital assets, highlighting the impact on market accessibility and investor interest.

Akash Network (AKT) price surged by approximately 20% following Coinbase's announcement to add the token to its "roadmap" section.

Assets Added to Roadmap Today: Akash Network (AKT)https://t.co/rRB9d3hSr2

- Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 26, 2024

AKT's valuation hit a 28-month high of nearly $5 minutes after the exchange disclosure, but then retreated slightly to its current level of around $4.60 (according to CoinGecko data).

It is worth noting that the assets that are part of the “roadmap” are still in the experimental zone and must meet certain criteria before being officially included in the list. As such, Coinbase warned users to refrain from dealing with them ahead of an official announcement:

“No transfers or transactions are allowed for these or any other assets until a listing is officially announced. Depositing these assets to your Coinbase account before an official announcement may result in a permanent loss of funds.”

This is not the first time that the price of a cryptocurrency has headed north following similar revelations from the exchange. Represent (RNDR) it shot itself 10% at the end of January after the company placed it in its “roadmap section.”

Last week, Helium Mobile (MOBILE) promoted approximately 20% hours after the company added support for the asset on the Solana network.

Meanwhile, an official listing on a major cryptocurrency exchange like Coinbase could trigger an even more substantial price rally for the digital assets involved because it would make them more accessible to a large customer base, increasing their legitimacy and potentially attracting more investors with new cryptocurrencies. capital.

Exactly what happened to Bonk Inu (BONK) in late 2023. While the Solana-based meme coin took off after Coinbase put it on its "roadmap," its value increase much more so once it officially appeared on the platform.