In a strategic move to expand its digital asset offerings, Coinbase has announced support for four new cryptocurrencies across its platforms. The latest additions include CoW Protocol (COW) on Ethereum, Moonwell (WELL) on Base, Catizen (CATI) perpetual futures on Coinbase International Exchange, and Zetachain (ZETA) trading. This expansion is poised to influence trading volumes and potentially affect the prices of these assets.
1. CoW Protocol (COW) on Ethereum
Coinbase’s support for CoW Protocol (COW) on the Ethereum network is a notable addition, marking COW’s entry as an ERC-20 token. The trading of the COW-USD pair is scheduled to commence on September 24, 2024, at 9 AM PT, contingent upon meeting liquidity conditions. Users are advised to send COW tokens exclusively over the Ethereum network to avoid potential loss of funds.
Following the announcement, COW’s price has surged significantly. At press time, COW was trading at $0.3076, reflecting a 9.47% increase. This uptick in price highlights the positive market reaction to Coinbase’s support.
2. Moonwell (WELL) on Base Network
Coinbase is also set to add Moonwell (WELL) on the Base network, with WELL available for transfers on both Coinbase platforms. Trading for the WELL-USD pair will start on September 24, 2024, pending liquidity requirements. The inclusion of WELL underscores Coinbase’s commitment to supporting decentralized finance (DeFi) projects on emerging blockchain networks.
Moonwell’s price has experienced a notable rise, hitting a 30-day high of $0.03642. As of the latest update, WELL was trading at $0.03595, showing a 25% increase from its intra-day low. This significant jump suggests strong market interest and potential bullish momentum.
3. Catizen (CATI) Perpetual Futures
Coinbase International Exchange will offer perpetual futures for Catizen (CATI), starting on or after September 26, 2024, at 9:30 AM UTC. Perpetual futures allow traders to speculate on price movements without owning the underlying asset, offering flexibility in trading strategies.
CATI has seen high volatility following the announcement. The token surged 7% to $0.8368 before correcting to $0.802. This volatility is typical of meme tokens, reflecting the speculative nature of the market.
4. Zetachain (ZETA) Trading
Coinbase has also launched trading for Zetachain (ZETA), available for buying, selling, converting, and storing on Coinbase’s website and mobile apps. The ZETA-USD trading pair was introduced with an auction phase, allowing users to place limit orders to set the initial trading price.
ZETA’s price has responded positively, jumping 4% to $0.6617. This increase indicates a favorable market reaction to the new trading option, potentially signaling continued interest in ZETA.
Conclusion
Coinbase’s latest moves to list CoW Protocol, Moonwell, Catizen futures, and Zetachain reflect its ongoing efforts to broaden its cryptocurrency offerings. The immediate market reactions—price surges for COW, WELL, and ZETA, alongside volatility in CATI—suggest that these assets are gaining traction among traders and investors. As trading begins and more data becomes available, the performance of these cryptocurrencies will likely continue to evolve, presenting both opportunities and risks for market participants.
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