Coinbase Listing Triggers Near 350% Surge for Little-Known Altcoin
A little-known altcoin has seen its price surge by around 350% after being listed on the Nasdaq-listed cryptocurrency exchange Coinbase, which has been listing a growing number of projects over the last few years.
Earlier this week Coinbase announced it was listing 00 Token (OO) on Coinbase’s main platform and its mobile applications with its Experimental label, used to mark tokens that are new to the exchange or have “ relatively low trading volume compared to our broader crypto marketplace..”
00 Token (00) is now live on https://t.co/CD3RBjcbce & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets. https://t.co/676miKzPQH
— Coinbase Assets (@CoinbaseAssets) October 11, 2022
As Daily Hodl first reported, 00 Token is the governance token for the zerozero decentralized autonomous organization (DAO), allowing token holders to submit and vote on governance proposals to guide the future of the project.
The token is based on the Ethereum network and part of its project includes the P00LS ecosystem and decentralized exchange, which is used for the issuance and trading of social tokens.
The project’s adoption grew after soccer star Ronaldinho launched his own social token, RON, on the P00LS platform. The project also targets influencers, artists, content curators, brands, and more.
After the 00 Token was launched on Coinbase, its price surged from around $0.37 to a new high near the $1.7 mark before a sell-off ensued. At the time of writing, the token is still trading at $0.72.
00USD Chart via TradingView
As CryptoGlobe reported, Coinbase has been facing pressure from the Terra Classic ($LUNC) community for the token to be listed on its platform. The community created a petition calling for Coinbase to list LUNC after the token’s newfound “stability following reenabling of governance and implementation of deflationary measures.”
On social media, calls for Coinbase to list Terra Classic have surged as the community aims to get the topic trending on the microblogging platform Twitter. Coinbase has trended over reports Google will use Coinbase Commerce to accept cryptocurrency payments for cloud services.
Terra Classic is the rebranded version of the original Terra ecosystem, which collapsed earlier this year. When Terra’s ecosystem collapsed, its circulating supply jumped from 340 million tokens to 6.9 trillion, and to combat the inflation $LUNC supporters have added a 1.2% tax burn on all transactions conducted on the network.