Coinbase Adds to Listing Roadmap: That Altcoin is Flying!

The cryptocurrency market is experiencing a downturn with a significant wave of sales. The leading cryptocurrency, Bitcoin, has dropped below a thousand dollars. The altcoin market is following a similar trajectory, although there are some notable exceptions. In a recent development, leading crypto exchange Coinbase announced the addition of a new altcoin to its listing roadmap, causing the token’s price to skyrocket.

Coinbase Adds WELL to Its Roadmap, The Altcoin Takes Flight!

As reported on Kriptokoin.com, crypto exchanges are continuously updating their listings. Recently, Coinbase revealed that it has added Moonwell (WELL) to its listing roadmap. Moonwell is a low-market-cap token operating on Coinbase’s proprietary layer-2 network. Following this announcement, the price of Moonwell surged dramatically.

Moonwell offers an open lending and borrowing protocol across various platforms, making it accessible to both novice and seasoned users. After the announcement, the price of WELL shot up from $0.125 to $0.1781 within a day. Although there was a slight decline, the token’s upward momentum continued. At the time of writing, WELL was trading at $0.1585, marking a daily increase of over 25%. Additionally, the token’s trading volume saw a remarkable 160% increase, indicating heightened interest from investors and traders.

Crypto Exchange to Support IMX and FLOW

In another significant move, Coinbase announced its support for Coinbase International Exchange, Immutable (IMX), and Flow (FLOW). Both altcoins will be listed as perpetual futures on Coinbase International and Advance platforms. The IMX-PERP and FLOW-PERP markets will be available to users starting September 12, 2024.

Coinbase’s official Twitter handle confirmed the news, stating, “@CoinbaseIntExch will add support for Immutable and Flow perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our IMX-PERP and FLOW-PERP markets will begin on or after 9:30am UTC 12 SEP 2024. $IMX $FLOW.”

This development comes at a time when crypto platforms are expanding their investment options to cater to user demand. The deepening investments in decentralized finance (DeFi) have created a need for new products in the market. By including Immutable and FLOW, Coinbase aims to enhance the derivatives market and meet the needs of global participants. Traditionally, actions by leading crypto exchanges like Coinbase tend to ignite the market due to the high trading volume of these tokens. This move could potentially boost sentiment around legitimacy and increase momentum in the altcoin market.

Last week, Coinbase listed BounceBit, Conflux, and Neo on futures as part of its commitment to diversification.