Coinbase released a list of 50 new tokens that it is considering listing on its platform.
Many of the tokens have seen their price skyrocket over the past 24 hours.
Some in the crypto community have accused Coinbase of considering scams or dead tokens.
Share this article
Coinbase has released the names of 50 cryptocurrencies that could be listed during the second quarter of 2022. While some of the tokens have surged by triple-digit percentages after the announcement, prominent figures in the industry rushed to criticize the exchange’s listing criteria on Twitter.
Coinbase Listings Spark Outrage
The largest crypto exchange in the U.S., Coinbase, revealed a long list of digital assets that it is evaluating for listing in the second quarter of 2022.
Candidates that made it on the shortlist include 45 ERC-20 tokens on Ethereum and five SPL tokens on the Solana network. The move is said to be part of an effort to “increase transparency by providing as much information symmetry as possible.” Coinbase reportedly wants to reduce the likelihood of so-called “pump-and-dump” events, which have become so common with new token listings on the exchange that crypto enthusiasts have dubbed the phenomenon the “Coinbase effect.”
Despite Coinbase’s intentions to increase transparency and avoid pump-and-dump schemes, a few of the tokens on its radar are already soaring. Big Data Protocol (BDP) has risen by more than 185% since the announcement, ArcBlock (ABT) surged by 56%, and Radar (RADAR) jumped by nearly 40%.
A decisive close above $0.13 could send BDP to retest the recent high of $0.18 or even rise to $0.26. ABT would have to avoid closing below $0.16 to be able to make higher highs. On the other hand, RADAR looks like it wants to advance further as it threatens to close between $0.021 and $0.024.
Popular crypto persona and host of the UpOnly podcast Cobie—real name Jordan Fish—roasted Coinbase on Twitter today, saying that the exchange was planning on listing a number of previously “rugged” projects and “dead shitcoins,” which significantly hurts the credibility of the entire crypto industry. He ironically quipped:
“Very glad to see Coinbase remaining on the bleeding edge of decentralization, pioneering continued trustless technology adoption by listing rugged, dead shitcoins over a year after they died. Proud to work in an industry as innovative and agile as ours.”
According to Cobie, the most significant development behind the Big Data Protocol was a 5.7 million BDP airdrop followed by a bug that caused users not to get their rewards. Meanwhile, other tokens like Polkamon are well-known for having their early backers dump their holdings within the first week of token generation events, which caused prices to plummet by 95%.
Coinbase’s legal, compliance, and technical security standards remain unclear.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Get up to $600 in AVAX or LUNA
With our goal of bringing the next 100 million people to crypto, Celsius is always looking to provide the best experiences and opportunities for our community. This includes looking for…
Coinbase to Monitor Canadian Transactions Above 1,000 CAD
Coinbase users in Canada will soon be required to report the details of recipients who receive large transactions, according to a notice sent to users. Coinbase Complies “Starting on April…
Crypterium Token Officially Listed On Coinbase
Crypterium, the fast-growing digital fintech solution helping customers manage their assets with ease, has announced its largest listing in the history of the company on the world’s biggest cryptocurrency exchange,…
Coinbase’s Stock Is Tanking. What Does That Mean for Bitcoin?
Coinbase has seen the market value of its COIN stock drop to a record low, increasing the risk of further losses. Although Bitcoin continues to hold above support, such pessimism…