Coinbase recently added support for three altcoins: PancakeSwap (CAKE), Subsquid (SQD), and Fartcoin (FARTCOIN). While these additions initially triggered a price rally, gains were short-lived as the market turned south. ⏰
The new listings come amid a broader crypto boom fueled by positive US CPI data and progress in US-China trade relations.
Coinbase’s latest moves have bolstered liquidity for the coins listed. Past examples include the price boost seen with Peanut the Squirrel (PNUT) after its Coinbase listing in early 2023 and Toshi (TOSHI), which saw a triple-digit surge after being added to the platform’s roadmap.
However, these initial gains were erased as markets shifted later. SQD remains green, while CAKE and FARTCOIN are down on a 24-hour scale.
Coinbase’s listing process has a history of impacting prices, whether it’s Coinbase adding new tokens or removing old ones from the platform.
In May, the exchange announced its decision to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) starting June 26. This resulted in significant price drops for these coins, with SYN suffering the most significant loss of approximately 15%.
The article concludes by highlighting Coinbase’s consistent impact on the crypto market through its listings and delistings.