The digital asset of Band (BAND) experienced an impressive rally prior to its listing on Coinbase pro.
Coinbase made the announcement of the listing on the 6th of August.
BAND’s value then was approximately $7.30.
The listing happened on the 10th and BAND posted a peak value of $17.80: a 144% increment.
Coinbase has a list of 18 other digital assets it is interested in listing with most being DeFi tokens.
On August 6th, the crypto exchange of Coinbase announced that it was listing Band (BAND) on 10th August. The announcement also explained that trading of the token would commence at 9 pm (Pacific Time) the following day depending on the liquidity available.
Mon, Aug 10, our BAND-USD, BAND-BTC, BAND-EUR & BAND-GBP order books will enter transfer-only mode, accepting inbound transfers of BAND in supported regions. Orders cannot be placed or filled. Trading will begin on/after 9AM PT the following day, if liquidity conditions are met.
BAND’s Rally by 144% Hints at the Return of the Coinbase Effect
Before the announcement was made, the value of BAND was hovering around the $7.30 price value. On the day of listing, the value of BAND had skyrocketed to $17.80. This move was an impressive 144% gain and could be an indicator of the Coinbase Effect making a comeback in the crypto markets.
The Coinbase Effect is defined as the event of a cryptocurrency gaining significantly in value on the announcement that it will be listed on the said exchange. This phenomenon was very much alive during the 2017/2018 crypto market season. Furthermore, the Coinbase effect was the sole reason XRP mooned to $3.82 in early 2018 on rumors that Coinbase was listing the digital asset.
However, when XRP was finally listed in early 2019, the value of the digital asset did not increase as expected. This led many to believe that the Coinbase Effect had disappeared completely.
Coinbase is Considering 18 other Digital Assets, Mostly DeFi Tokens
To note is that Band (BAND) is the first digital asset listed on Coinbase from a list of 19 that the exchange is exploring to make available on the platform. The full list of digital assets provided by the exchange is as follows.
Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, THETA, UMA, and WBTC.
Taking a closer look at the list reveals that the majority of the digital assets belong to DeFi projects. With Band (BAND) setting the pace, it is likely that keen crypto traders will be hunting for the next DeFi Coinbase listing amongst the 18 left on the list.