Rocket Pool (RPL) price soared nearly 10% on Thursday to trade at intraday highs of $29.25 on the crypto exchange Coinbase. The token’s 24-hour trading volume rose 75% to over $15 million.
The reason behind the price surge of the decentralised Ethereum staking protocol was the strategic investment made by Coinbase Ventures – the investment arm of US-based crypto exchange Coinbase. The investment was announced on Thursday and involved the purchase of RPL tokens from the Rocket Pool team.
The Coinbase team highlighted the collaboration with Rocket Pool, stating that the investment was part of their mission to scale Ethereum’s infrastructure and bring the next billion users to the ecosystem. They also declared their support for the Rocket Pool team via active participation in their Oracle DAO and through the operation of several hundred nodes on the Rocket Pool network.
The announcement of the strategic investment was followed by a surge in RPL price – reaching highs of $29.25 – and an increase in 24-hour trading volume to over $15 million. Despite a slight drawdown following broader crypto reaction to the US inflation data release, the RPL price remains around 7% higher.
