Coinbase Bids Farewell to 4 Altcoins, Causing Their Prices to Drop Sharply: Find Out More Here

Quick Summary

• A number of digital assets experienced significant price drops following a recent delisting announcement from a prominent US-based cryptocurrency exchange.
• Conversely, previous listing announcements from the same exchange have resulted in substantial price increases ranging from double to triple digits.

Prices Decline

The prominent exchange Coinbase has announced that it will discontinue trading for Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) effective June 26. This decision was made due to the updated versions of these tokens, which no longer align with the platform’s listing standards.

Furthermore, Coinbase has shifted the order books for these four cryptocurrencies to limit-only mode, allowing for placement and cancellation of limit orders, with match executions possible as stated by the exchange.

Following this announcement, the impacted assets saw significant price drops. RNDR fell by 7% in a day, while the others experienced declines in double digits, with SYN taking the biggest hit at nearly 15%.

This type of price reaction is somewhat anticipated. The withdrawal of support from a significant exchange like Coinbase can lead to diminished liquidity and reduced visibility for the assets. It may also incite anxiety among investors, tarnish the asset’s reputation, and trigger increased selling.

Among the affected cryptocurrencies, Render holds the highest market capitalization. Some users on X expressed disbelief regarding Coinbase’s decision to halt trading services for it. The exchange had introduced support for Render at the start of the previous year, featuring it in their roadmap before officially listing it on the platform.

The Flip Side

Typically, price movements show a very different pattern when Coinbase endorses certain cryptocurrencies.

Earlier this year, the platform included the meme token TOSHI in its roadmap, a crucial precursor to an official listing. The token’s valuation surged by over 100% shortly thereafter.

A similar situation occurred in 2024 when Coinbase incorporated Tensor (TNSR), the native token for Solana’s leading NFT marketplace, into its roadmap, resulting in a 70% increase in the token’s price following the announcement.