This Cryptocurrency Exploded More Than 100% After Coinbase Prepared to List

[Eamon]

This Cryptocurrency Exploded More Than 100% After Coinbase Prepared to List


TL;DR

• Coinbase added a new digital asset to its roadmap section, resulting in a temporary increase in prices followed by a small decrease.
• The exchange warns against premature investment in roadmap assets due to certain risks.

Coinbase, one of the largest cryptocurrency exchanges by trading volume and one of the leading exchanges in the United States, has decided to add support for the digital asset Hivemapper (HONEY). IT placed The token will be in the “roadmap” section, or one step away from the official listing, on January 4th.

Somewhat expectedly, HONEY’s price jumped more than 100% within minutes of the announcement, reaching $0.26 (according to data from CoinGecko). However, it retreated in the following hours and reached the current level of approximately $0.20.

HONEY Price, Source: CoinGecko

Coinbase has warned users to avoid dealing with “roadmap” cryptocurrencies as they are still in experimental territory, and listing on the platform may be reconsidered.

“Transfers and trades for these or other assets are not supported until the listing is officially announced. The company said depositing these assets into your Coinbase account before an official announcement could result in permanent loss of funds.

Meanwhile, an official listing on Coinbase could trigger an additional price increase for HONEY for a variety of reasons. This could make the token more accessible to a large number of users and increase its legitimacy, possibly attracting investors and facilitating the inflow of fresh capital.

This is exactly what happened to bonk last month. solana also recovered significantly after Coinbase added memecoin to its “roadmap” section. After it was officially listed on the stock exchange, its price increased much more.

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