Key Takeaways
- Coinbase Pro has announced that it is preparing to list 1inch, Enjin Coin, NKN, and Origin Token on its trading platform on Apr. 9.
- The announcement has seen a significant number of investors rush to other exchanges to invest in those coins.
- The relevant altcoins have seen their price rise more than 20%, benefiting from the "Coinbase Effect."
Coinbase Listing Spree Accelerates
In a recent blog post, Coinbase Pro announced that starting today, Apr. 7, users will be able to transfer 1inch, Enjin Coin, NKN, and Origin Token to their respective accounts. Trading will begin after two days, on Apr. 9, if “liquidity conditions are met.”
Once a sufficient supply of 1INCH, ENJ, NKN, and OGN is established, all of these altcoins will be available for trading against Bitcoin, the US dollar, the euro, and the British pound.
Order books are expected to launch in three phases: post-only, limit-only, and full trading. “If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” reads the announcement.
Coinbase has gone on a listing spree ahead of its direct listing on the NASDAQ Global Select Market Composite on Apr. 14, 2021. Most recently, the San Francisco-based cryptocurrency exchange added trading support for ANKR, CRV, STORJ, and Cardano (ADA), among many others.
Since the announcement was made, 1inch, Enjin Coin, NKN, and Origin Token have witnessed a massive price spike and have become the latest beneficiaries of the well-known “Coinbase Effect.”
At the time of writing, each altcoin’s price surged by more than 20%, 30%, 80%, and 35%, respectively. Even though more gains can be expected, it is worth noting that insiders who bought in earlier might dump their holdings on unaware retail investors.