TL;DR
The cryptocurrency market has recovered and some altcoins have seen minor gains. However, one asset in particular has surged over 20% since its launch, following the announcement of Coinbase’s support for it. This is not the first time Coinbase’s actions have affected the value of a digital currency.
The market correction has passed and many altcoins, including Ripple (XRP), Dogecoin (DOGE), and Shiba Inu (SHIB), have seen daily gains. However, some assets, like Ronin (RONIN), have seen more significant rallies. RONIN’s value has increased by over 20%, reaching a market capitalization of $1.3 billion and becoming the 88th most popular cryptocurrency.
This spike in RONIN’s value is likely due to Coinbase’s decision to enable trading services for the asset, announced just two days after the exchange added it to its “roadmap” section. This backing from a leading cryptocurrency platform can bring legitimacy, liquidity, and new investors to an asset.
Coinbase’s support has previously caused increases in the value of other cryptocurrencies, such as Akash Network (AKT) and Helium Mobile (MOBILE). In the case of AKT, its value soared by 20% after being added to Coinbase’s roadmap. Similarly, Helium Mobile saw a two-month high following Coinbase’s support on the Solana network.
In summary, the cryptocurrency market has bounced back and Coinbase’s influence on boosting values and attracting investor interest is evident.
