Coinbase Pro listings are historically exciting times for cryptocurrencies as they receive validation from a major crypto exchange; which tokens have gotten “Coinbased” recently? Covered: SuperFarm Polkastarter Spell Is The Coinbase Effect Still Relevant? Yesterday morning, Coinbase revealed that the exchange has opened up inbound transfers for a new batch of cryptocurrencies, including Superfarm, Polkastarter, […] The post Three Fresh Coinbase Pro Listings Pump Amid Bitcoin Recovery appeared first on CryptosRus.

Three Fresh Coinbase Pro Listings Pump Amid Bitcoin Recovery

Coinbase Pro listings are historically exciting times for cryptocurrencies as they receive validation from a major crypto exchange; which tokens have gotten “Coinbased” recently?

Covered:

  • SuperFarm
  • Polkastarter
  • Spell
  • Is The Coinbase Effect Still Relevant?

Yesterday morning, Coinbase revealed that the exchange has opened up inbound transfers for a new batch of cryptocurrencies, including Superfarm, Polkastarter, and Spell. The tokens’ prices are feeling the “Coinbase effect”; could the listing send them even higher?

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SuperFarm

SuperFarm is a platform designed to make non-fungible tokens (NFTs) more accessible by offering a cross-chain NFT farming platform. Anybody can use the platform to launch their own NFTs and NFT farms without any coding knowledge required.

At the time of writing, the platform’s native token SUPER is riding a strong bounce off of support following the Coinbase announcement, trading at $1.74.

SUPER had a bullish rally from its launch earlier this year but underwent a long summer lull after the market-wide crypto crash in May. Now, Superfarm is steadily climbing its way back up towards its previous all-time high of $4.74. 

Polkastarter

Next up on the list is Polkastarter. Polkastarter is another cross-chain launchpad, similar to Superfarm, but is built on the Polkadot blockchain rather than Ethereum and focuses on launching new cryptocurrencies rather than NFTs.

Currently, Polkastarter’s native token POLS is feeling the Coinbase effect. From its local low of $2.88, POLS skyrocketed over 84% to $5.31. It has since pulled back, trading at $4.47. 

The token looks like it’s trying to return to its previous levels from the overall crypto market’s April highs. However, the lack of volume seen in its recent buildup in the last few months has me cautious about the integrity of the token’s current price pump. 

On the flip side, the Coinbase listing has ushered in some strong volume for POLS, which could prove to kick off an even greater parabolic rise over the coming months.

Spell

Finally, we’ll take a look at the Spell cryptocurrency. SPELL is the native token of Abracadabra.money, a lending platform that allows users to borrow funds using Interest Bearing Tokens as collateral. SPELL is used for incentivization as well as voting right when staked.

SPELL is the youngest coin of the bunch. From its high of over $0.038 at the beginning of November, the token came crashing back down below $0.01 just a month later. Now that SPELL has gotten some love from the Coinbase effect, the coin has rebounded from the $0.01 level and is trading at $0.0167.


While it’s certainly not “up only” from here, SPELL has cleanly broken its downward trend from November, accompanied by a strong rise in the relative strength index (RSI), which measures the overbought and oversold conditions of an asset. 

This trend reversal could mark the beginning of a new rise upwards; I’d look to catch a retest of support in the near future for a less risky entry to ride the next wave higher.

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Is The Coinbase Effect Still Relevant?

As the crypto market has become more saturated, it gets harder and harder to keep up with every new coin getting listed on exchanges each day. I remember when all eyes were on Cardano (ADA) when it got the green light from Coinbase back in March of this year. Super strong engagement for a listing tweet.

In more recent history, check out GALA, which got listed on Coinbase in mid-November. While the tweet didn’t receive even a quarter of the engagement as ADA, the GALA token took advantage of the metaverse trend and caught a massive 650% pump following the Coinbase listing.

I think what we can take from this is that the Coinbase effect still exists, as we’ve seen today with SUPER, POLS, and SPELL. However, it takes a lot more digging these days to find the coins that use the Coinbase pump to gain momentum rather than the tokens that peak off the listing.

As reported by CoinDesk back in April, analysis from Messari shows that ??“Coinbase listings have the highest average return standing at 91%, but also have the widest distribution of ranging from -32% to 645%.”

An average return of 91% demonstrates that Coinbase listings still carry their weight, you just don’t want to be caught holding the bag that drops 32%. 

The post Three Fresh Coinbase Pro Listings Pump Amid Bitcoin Recovery appeared first on CryptosRus.