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Coinbase's Bold New Token Listing Triggers a 100% Price Surge in Hours

Token's value spikes 100% after Coinbase's token listing announcement.

Wed, 10 Jul 2024, 10:07 am UTC

A new token experienced a 100% surge in value after Coinbase announced its addition to the coin listing roadmap, demonstrating the powerful effect of exchange listings on cryptocurrency prices.

Coinbase's Market Influence

The cryptocurrency exchange market leader Coinbase has just announced that Stader (SD) would be included in its coin listing roadmap.

Quite a commotion has ensued in the crypto community over this news, which shows how listings on big exchanges may greatly affect digital assets. An example of how exchange listings and cryptocurrency valuations are interdependent is the meteoric rise in Stader's price and visibility that followed the announcement.

According to Coingape, the value of Stader (SD) has skyrocketed after cryptocurrency exchange behemoth Coinbase said that it will be adding the token to its coin listing roadmap. The main cryptocurrency of the Stader Labs platform, Stader (SD), is used for ecosystem payments and governance.

Token's Price Surge

Stader (SD) saw an incredible price spike after Coinbase's announcement. Value of the token more than quadrupled, peaking at $0.8507 before leveling off at $0.7296.

Stader nonetheless managed a remarkable 79.46% rise in just one hour, even at this little lower price. Also showing strength was the token's weekly performance, with a price increase of 15.38% during the previous seven days.

Increased Trading Activity

A 24-hour trading volume of $6.6 million was recorded for Stader as a result of the news's heightened trading activity. Sainter has a market worth of $30,843,216 and 41,000,000 SD tokens in circulation.

According to these numbers, Stader's market performance and investor interest were greatly affected by Coinbase's announcement.

Coinbase's impact on the cryptocurrency industry goes beyond just offering tokens. A contract for the custody and management of large-cap digital assets, valued at $32.5 million, was recently secured by the company with the US Marshals Service (USMS).

The increasing confidence in digital currencies is evident in this agreement, which is a major step towards the government using blockchain technology for asset management.

Also, Coinbase has been added to the list of custodians for VanEck's HODL Bitcoin ETF. Detailed conditions for safeguarding the ETF issuer's Bitcoin assets were laid forth in this agreement, which was revealed on June 28.

As custodian for eight other Spot Bitcoin ETFs, including those from industry heavyweights Bitwise, Grayscale, and BlackRock, Coinbase already boasts a formidable portfolio, and this appointment just adds to it.

Photo: Ivan Radic/Flickr(CC BY 4.0 Deed)

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