The strong bulls of Skale or Polygon are a testament to the so-called “Coinbase effect”. There is no denying that Coinbase is still the most ideal dock for cryptocurrencies.
Coinbase continues to be a strong bullish driver for small and large cap altcoins. When buying a new coin, many investors expect that “one good day their coin will be listed on Coinbase”.
Over the past time, Coinbase has been a launch pad for many coins, most recently Polygon (MATIC) and SKALE (SKL) …
In Coinbase Pro’s recent announcement that Polygon (MATIC), SKALE (SKL), and SushiSwap (SUSHI) will be added to the exchange and commenced trading on March 11 demonstrated that the so-called ” Coinbase ”is always strong when projects are posted on Coinbase, all will ‘go up’.
According to data from Cointelegraph Markets, SKL is the most profitable name from Coinbase, it is up more than 200% since the news release on March 9, while MATIC is up 88% and SUSHI is up only modest 7%.
SKL / USDT
SKALE describes itself as an “elastic network”, designed to bring scalability to the Ethereum (ETH) network by enhancing transaction viability and reducing latency, ensuring payments can be made. at the lowest possible cost.
On the project’s website, Solidity smart contracts can run “thousands of times faster,” which is well-suited for content and game streaming services.
Congestion and high transaction costs on Ethereum have once again emerged as a key issue in the crypto community over the past few months as the rise of Defi and NFT has led to a significant increase in network operations and gas fees on Ethereum.
MATIC / USDT
Polygon (MATIC) has been rolled out so far in 2021, with a Coinbase listing being the most recent event that fueled the price of the altcoin so far.
This project has undergone several important changes recently, one of which is the change of the brand name from Matic to Polygon.
Polygon (MATIC) aims to become the “Polkadot of the Ethereum network” by focusing on bringing interoperability with separate blockchain networks to the Ethereum ecosystem.
Since the rebranding, many projects have integrated or switched to a layer 2 solution that significantly reduces transaction costs and faster confirmation times.
The price of Polygon (MATIC) has risen 150% since the announcement of its listing on Coinbase, and on March 12 the altcoin hit a record $ 2.6 billion in trading volume over 24 hours.
SUSHI / USDT
SushiSwap (SUSHI) is the third coin to be listed on Coinbase this week but unlike the two brothers above, SUSHI has not had a very prominent price increase, even though SushiSwap is one of the top decentralized exchanges and it is. There is currently $ 4.21 billion locked in its protocol.
Defi has been one of the hottest topics in the cryptocurrency sector since December 2020, but has seen a significant drop in activity in recent weeks …
SUSHI had previously risen 675% in early 2021, from a low of $ 2.69 on Jan. 1 to an all-time high at $ 20.57 on March 2. when listed by Coinbase, its price response is quite silent.
While Coinbase may have helped kick off the recent price hike for projects, it’s undeniable that projects like MATIC, SKL, and SUSHI are all making very good moves in terms of offering Solution to current problems causing the Ethereum network.
The demand of the crypto community is increasing, and if the future projects have clear plans for the overall development of cryptocurrencies, then the active participation in the crypto ecosystem remains. There is much more potential for exploitation.
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