TL;DR
- The value of one particular cryptocurrency briefly increased by almost 20% after the Coinbase interaction.
- These price movements are common after exchange announcements, demonstrating their potential impact.
Helium Mobile (MOBILE) price soared nearly 20%, hitting a two-month high following major cryptocurrency exchange Coinbase's support announcement. However, the asset was unable to maintain the momentum and its value retreated in the following hours.
the company add support for the asset on the Solana network, advising users not to send it to other networks as they may lose their funds.
Coinbase will add support for Helium Mobile (MOBILE) on the Solana network (SPL token). Please do not send this asset over other networks or your funds may be lost. Transfers for this asset are available at @Coinbase & @CoinbaseExch in regions where trade is supported.
- Coinbase Assets ๐ก๏ธ๐ (@CoinbaseAssets) February 21, 2024
โTrading will begin on February 22, 2024 at around 12 pm ET if liquidity conditions are met. Once sufficient supply of this asset is established, trading with our MOBILE-USD trading pairs will be launched in phases. Support for MOBILE may be restricted in some supported jurisdictions,โ the exchange clarified.
This is not the first time that the price of a certain cryptocurrency has skyrocketed following a Coinbase disclosure. An example is Render (RNDR), which leap 10% at the end of last month after the company placed it in its โroadmapโ section.
A few months ago, the Solana meme coins dogwifhat (WIF) and Bonk Inu (BONK) also took the offensive after the company allowed trading options with them.
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