The Coinbase effect struck again after Coinbase Pro decided to list two new tokens, judging by the platform’s recent announcement. The two tokens in question are Shiba Inu (SHIB/USD) and Chiliz (CHZ/USD), both of which saw their price skyrocket after the announcement.
Shiba Inu, another meme token inspired by Dogecoin’s success, saw its price jump by 33% in the last 24 hours. The token’s price went from $0.000007002 to $0.000009331 in a single hour after the announcement was made.
Chiliz, on the other hand, went up by 26% in the same period, going from $0.2773 to $0.3495. Many might recognize this token as the coin behind the Socios.com — a fan token platform that allows users to buy branded tokens associated with major sports teams, clubs, organizations, and more.
It is worth noting that Coinbase Pro also mentioned another token lined up for trading on its platform, called Keep Network (KEEP/USD). Like the other two, KEEP also saw a sudden and rapid surge of 26%, seeing its price go from $0.49 to $0.62. However, unlike the others, KEEP already started seeing a correction that brought it down to $0.56 at the time of writing.
For now, SHIB managed to keep its elevated valuation rather well, even becoming one of Wednesday’s top 100 performers.
Listing on Coinbase or Coinbase Pro has had a similar effect on numerous cryptocurrencies over the years, leading to the so-called Coinbase Effect — a phenomenon where the relevant coins’ prices would skyrocket just because Coinbase paid attention to them and added them to its list.
Given that Coinbase is the largest US crypto exchange — fully regulated and licensed — and that it has historically been very picky about the tokens it lists, any new addition is believed to have massive potential, attracting great numbers of investors and traders to the tokens.
The post Coinbase Pro lists Shiba Inu (SHIB) and Chiliz (CHZ) causing prices to skyrocket appeared first on Invezz.