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Coinbase Outlined New Protocols For Token Listing Following STEPN (GMT) Price Manipulation

Written by: Sara K

April 29, 2022

Virtual currency trading ads, especially on bigger platforms like Coinbase and Binance, are noteworthy. The cryptocurrency industry has become accustomed to a new phrase known as the “Coinbase effect.” This new word refers to what happens to every crypto asset listed on Coinbase, a cryptocurrency exchange situated in San Francisco. 

Many cryptocurrencies, including XTZ, LINK, OMG, and ATOM, have been affected by the “Coinbase effect” in recent years. The average return on Coinbase listings is the greatest of any crypto market event.

Some crypto firms that are only getting started today will grow into large corporations in the future. These advances help clients, but coinbase also has a responsibility to play in safeguarding them against scams and fraud. Furthermore, because coinbase is not an investment counselor, it must avoid the business of choosing winners and losers.

Consider the instance of STEPN, a move-to-earn lifestyle coin that had a big price increase following its Coinbase launch before a 10% decline. Coinbase has announced initiatives to eliminate information asymmetries that allow customers to anticipate which cryptocurrencies will be featured on the exchange.

Following its Coinbase listing, STEPN, the native token of the move-to-earn lifestyle, reached a new all-time high. The price of STEPN peaked at $4.11 and has subsequently dropped roughly 10%. The “Coinbase Effect” is well-known among crypto traders; when a cryptocurrency is listed on Coinbase, its price rises by double digits.

Coinbase’s CEO, Brian Armstrong, outlined new protocols that would prevent individuals from guessing which cryptocurrency will be launched next or whether the exchange is considering a new listing.

Members in the crypto community have recently notified Coinbase that they don’t always understand why certain assets are listed on Coinbase while others aren’t. We’ve also heard instances of people buying specific assets just before Coinbase announced they’d be listed on the exchange, letting them profit from price swings that occasionally precede our listing announcements. It’s like they are playing favorites.

There’s always the risk that someone inside Coinbase may leak information to outsiders engaged in illicit activities, whether intentionally or unintentionally. They have zero tolerance for this and keep an eye out for it, conducting investigations with outside law firms as necessary. 

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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