CORE, the native token of the CoreChain layer 1 network, is up more than 20% in the last 24 hours. This is a notable price increase, considering the downward trend in the broader crypto market with the prices of other major cap tokens, including Ethereum (ETH) dumping.
Why CORE Soared More Than 20%
CORE price rose more than 20% following cryptocurrency exchange Coinbase's decision to add the crypto token to its 'Roadmap' listing. That means the top US crypto exchange plans to list CORE at some point, although it hasn't revealed exactly when that will happen. Regardless, this is certainly a positive development for the CORE ecosystem, given the exposure and mass adoption it could gain by listing on Coinbase.
CORE runs on CoreChain, the layer 1 blockchain supported by the Ethereum Virtual Machine (EVM). The network is unique because it adopts a 'Satoshi Plus' consensus mechanism. This mechanism adopts Bitcoin's proof-of-work (PoW) mechanism and Ethereum's delegated proof-of-stake (DPoS) mechanism to address the blockchain trilemma of decentralization, scalability, and security.
CORE has already had a good year, considering it is one of the best-performing crypto assets among the top 100 coins by market cap, with a year-to-date (YTD) gain of over 265%. This feat is all the more commendable given that only three crypto tokens (Dogwifhat, PEPE, and Arweave) in the top 50 ranking have made more gains to date than CORE.
Interestingly, the majority of CORE's price gains occurred in the weeks leading up to the Bitcoin halving, with the cryptocurrency's price skyrocketing over 220% in a single week. CORE's interoperability with Bitcoin also gives it an advantage, with the network launching 'CoreBTC', which allows users to connect their BTC tokens to the network, thus taking advantage of the liquidity of the flagship network, Bitcoin.
Coinbase on a roll
Coinbase's decision to add CORE to its listing roadmap follows its recent listing of XRP and BONK for its New York clients. The crypto exchange's decision to relist XRP certainly raised eyebrows, considering it had delisted the crypto token in 2021, shortly after the legal battle between the Securities and Exchange Commission (SEC) and Ripple.
Meanwhile, BONK's listing has caused many in the crypto community to wonder when the crypto exchange will also list meme coins, Dogwifhat, and PEPE. Coinbase's hesitation to list these two meme coins remains a surprise, given that they are the fourth and third largest meme coins by market capitalization, respectively.
Meanwhile, Coinbase International Exchange also recently announced that it will add support for Bonk, FLOKI, and Shiba Inu perpetual futures on its platform and Coinbase Advanced. The platform added that operations will officially begin on May 30. Coinbase Derivatives also recently launched futures contracts for the top meme coin, Dogecoin.
Featured image from NBC News, chart from TradingView
