ChainLink skyrockets 117.2% after listings on Coinbase Pro and Coinbase retail

ChainLink, a blockchain platform aiming to connect smart contracts to external data sources, is on a tear following listings on Coinbase Pro and Coinbase-the altcoin surged 117.2 percent, from $2.03 to $4.41, over the three days the listings were announced.

The "Coinbase effect," where a cryptocurrency's price surges after its listing is announced on Coinbase, is alive and well for ChainLink.

The altcoin highly lauded by speculators surged 117.2 percent three days after its first listing on Coinbase Pro.

Since the phenomenon was first observed, some sources reported that the Coinbase effect was diminishing.

Nearly all coins listed on Coinbase still immediately see a jump in price following the news.

One exception to this news was XRP's retail listing on Feb 28, 2019, which only rose 0.22 percent.

CryptoSlate will explore the Coinbase effect in greater depth in an upcoming CryptoSlate Research article.

Back to ChainLink, the coin saw a 16.3 percent increase 8 hours after its listing on Coinbase Pro, and experienced a 23.5 percent surge 12 hours afterward.

Following LINK's listing on the Coinbase retail platform, the coin surged 34.1 percent; 12 hours following the retail listing it saw a 62.8 percent cumulative jump.

Coinbase quickly became the third largest exchange by volume, with 24-hour volume of $112 million.