In previous bull markets, one of the most consistent price movers for cryptocurrency projects was being listed on Coinbase, a phenomenon that became known as the ‘Coinbase effect’.
The recent announcement that Polygon (MATIC), SKALE (SKL) and SushiSwap (SUSHI) would be added to the exchange and begin trading on March 11 has proven that the Coinbase effect remains potent as the tokens witnessed record trading volume and double-digit price movements since the listing took place.
MATIC/USDT vs. SKL/USDT vs. SUSHI/USDT 4-hour chart. Source: TradingView
Data from Cointelegraph Markets and TradingView shows that SKL has been the biggest beneficiary of the Coinbase effect, increasing more than 200% since the announcement on March 9, while MATIC has grown by 88% and SUSHI has gained a modest 7%.
SKALE describes itself as an ‘elastic network’ that is designed to bring scalability to the Ethereum (ETH) network by boosting transaction capacity and reducing latency as a way to ensure payments can be conducted as inexpensively as possible.
AccordingTitle: Coinbase effect and strong fundamentals send Polygon (MATIC) and Skale higher
Sourced From: cointelegraph.com/news/coinbase-effect-and-strong-fundamentals-send-polygon-matic-and-skale-higher
Published Date: Sat, 13 Mar 2021 01:15:32 +0000