Exchange listings can often cause huge increases in the prices of cryptocurrencies. So much so that one of them took place on Wednesday last week. Coinbase, one of the world’s leading cryptocurrency exchanges, listed a new altcoin on Wednesday.
The altcoin corrected sharply after facing a massive price spike with this listing by Coinbase. Here are the details…
This Altcoin Drops Hard After Coinbase Listing
A little-known, under-cap altcoin has corrected sharply after a mind-blowing 580% price surge this week following a surprise Coinbase Pro listing.
Coinbase Pro announced on Wednesday that it will list Shping Coin (SHPING), an Ethereum-based token that powers the Shping App. Shping allows shoppers to earn rewards by comparing prices, scanning barcodes, watching videos and writing product reviews.
The news of Coinbase’s listing caused a staggering price surge that took the crypto-asset from $0.015 to an all-time high of $0.102.
But the surge in this little-known altcoin didn’t last long, and SHPING has since corrected more than 64%. According to CoinMarketCap data, the cryptocurrency, which ranks 501st by market value, continues to be traded at $ 0.036, with an increase of 9.33% in the last 24 hours, as of the time of writing.
Also, amid SHPING’s massive price swings, the US-based crypto exchange has expanded its support for retail investors.
Adds Support for Coinbase Stacks
The exchange has also added full support for Stacks (STX), an open-source blockchain tied to Bitcoin (BTC) with a two-chain consensus mechanism called proof of transfer. Customers can now buy and trade altcoins on both Coinbase.com and the exchange’s mobile apps.
Through this architecture, Stacks aims to leverage the security of Bitcoin and enable decentralized applications (DApps) and smart contracts.
