Genesis

The ‘Coinbase Effect’ on token listings is fading

Quick Take

  • After Coinbase announced listing XRP, the market didn’t react as aggressively as in the past
  • After the announcement, the price jumped by 10 percent and a little less than a day later, it is only about three percent higher, the same as three days ago
  • The novelty of listing on Coinbase seems to be wearing off as the exchange is set to list hundreds of tokens

In a move that took the cryptocurrency space by surprise, Coinbase announced Monday that it will be listing XRP, despite the uncertainty over whether the cryptocurrency might qualify as a security in the U.S. But to the surprise of many, the market didn’t react as aggressively as when previous tokens were announced.