Upcoming Altcoins Launching on Coinbase Today: What to Expect for Price Movements?

Summary

• Certain cryptocurrencies experienced a price surge following Coinbase’s recent listing announcements.
• Nonetheless, the enthusiasm was fleeting, resulting in many of those cryptocurrencies losing a substantial portion of their gains within hours.

Recent Listings

Coinbase, the US-based cryptocurrency exchange, has officially added support for three new digital currencies: PancakeSwap (CAKE) on the Ethereum platform, Subsquid (SQD) on the Arbitrum network, and Fartcoin (FARTCOIN) on the Solana network.

This announcement was made on June 11, with trading for these tokens becoming accessible to users starting the next day.

The news prompted a price increase for all three tokens. CAKE surged by 6% to reach $2.69, FARTCOIN climbed past $1.50, while SQD achieved a new record at $0.28. It’s worth noting that the wider crypto market was on an upswing yesterday, driven by positive economic indicators and evolving trade relations between the US and China.

However, within hours, the market took a downturn, leading to a significant drop in the newly listed tokens’ values. Currently, SQD remains in positive territory, whereas both FARTCOIN and CAKE have recorded losses over the past 24 hours.

The initial surge in these tokens is not unexpected, considering Coinbase’s significant standing in the cryptocurrency market, which enhances their liquidity, accessibility, and overall credibility.

This pattern has been observed multiple times in recent months. Earlier this year, the meme coin Peanut the Squirrel (PNUT) saw a 30% price increase following its introduction on Coinbase.

Shortly after, another meme token, Toshi (TOSHI), experienced a rapid price hike into triple digits after being included in the exchange’s future plans. This phase requires assets to meet specific criteria before they are officially listed.

Delisting Consequences

By the end of May, Coinbase informed users that trading for Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) would be discontinued after June 26.

“MOBILE, RNDR, RBN, & SYN are being delisted due to updated versions of these tokens being released. Consequently, the original versions do not fulfill our listing standards,” the company stated at that time.

This delisting prompted a notable decline for the affected tokens, with SYN experiencing the most considerable drop of approximately 15%.