Coinbase includes bioprotocols and Eulers in its asset roadmap, indicating that they could be listed on the exchanges on which they were made.
summary
- Coinbase added Bioprotocol and Euler to its asset roadmap on July 29th.
- Bio surged almost 17% after the announcement before releasing profits. Eul rose by about 3.5%.
- Both tokens are already listed in major exchanges and may mitigate the impact of potential future coinbase lists.
On the X Post on July 29th, Crypto Exchange Coinbase announced that it has added Bio Protocol (Bio) and Euler (EUL) to its asset roadmap.
Following the announcement, Bio gave up some of its profits and recovered nearly 17% before waiving a slightly lower trading at the time of writing.
Bio Price Chart – July 29th: Source: crypto.news
For beginners, the bioprotocol is a native token powered by the distributed science (DESCI) ecosystem. This allows for the creation of biotechnology research groups governed by a community known as Biodaos, supporting the tokenization of scientific intellectual property.
Euler, on the other hand, is the governance token of Euler Finance, an unauthorized Defi Lending protocol built on Ethereum. This allows users to lend and borrow a wide range of crypto assets, including long tail tokens that are not normally supported by other platforms. Eul responded more modestly, up just 3.5% after the announcement.
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Both tokens already have a list of several popular cryptocurrency exchanges, including Binance, Okx, Kraken, Gate.io, Mexc, Kucoin for Bio Protocol, Kraken, Kucoin, HTX, and Gate.io for Euler.
However, investors should note that Coinbase’s asset roadmap only shows cryptocurrencies that are currently considering potential lists and do not guarantee that they will eventually be added to the platform.
Coinbase effect
As a Tier-1 Exchange, Coinbase lists often bring short-term meetings. Crypto traders call it the “coinbase effect.” The momentum stems from the platform’s reputation, broad user base and appeal among institutional investors.
Market participants tend to interpret the list as a signal of legitimacy, which often leads to increased demand and rising price pressure in the short term.
Historically, some tokens have recorded double-digit intraday profit following Coinbase announcements or listings.
However, initial meetings are common, but not guaranteed and are not always maintained in the long term. Market conditions, token supply dynamics, and broader investor sentiment all play a role in determining whether the list leads to lasting gratitude.
Newt, the native token of Newton’s protocol, crashed 44% shortly after it went public on Coinbase. According to a report on crypto.news, the sharp drop was driven by investors selling air drop tokens to secure profits, resulting in increased sales pressure immediately after the list.
Another example of highlighting this volatility is in the case of Venice AI token VVV. Shortly after being listed on Coinbase, the tokens saw a sharp initial pump. However, the rally was short-lived and prices crashed after reports were revealed that the project team allegedly issued and sold about $5.7 million worth of VVV tokens around the time of the listing.
The potential Coinbase list impact may not be as pronounced as with newly launched tokens, as both bio and EUL are already listed in several major exchanges.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.