If you were around in 2017 or 2018, you likely remember the term "The Coinbase Effect." What the term describes is the price action of any cryptocurrency listed on Coinbase, then the world's foremost Bitcoin exchange, servicing millions around the world.
The idea goes that because Coinbase has such a large contingent of retail investors, any altcoin listed on the platform becomes attractive due to its cheap price.
The most infamous example is with Coinbase's Bitcoin Cash listing.
After the fork in summer 2017, the exchange decided to list the coin, which triggered a 100 percent rally in the span of a day.
Although the Coinbase Effect has lost some of its efficacy over recent years as the exchange has begun to loosen up its listing requirements, it's far from dead. Civic is a cryptocurrency from the 2017-era.
This has changed after the coin was listed on Coinbase on Nov. 5.
Since the listing, Civic's coin has not stopped rallying.
According to CryptoSlate data, it currently trades for $0.144, almost 500 percent above the price one minute before Coinbase's announcement - $0.025.
The two other tokens listed by Coinbase during this announcement have also seen strong rallies since the news was released late last week.
The other token listed, District0x, has seen a 500 percent rally similar to that of Civic.
This 2017-era crypto has surged 500% since getting listed on Coinbase last week
Published on Nov 10, 2020
by Cryptoslate | Published on Coinage
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