The 0x price (ZRX/USD) has seen a sharp pullback has seen a significant pull-back after soaring above the $1 mark in yesterday’s trading.
The ERC-20 token surged to a two-and-a-half-month of $1.07 on Wednesday morning, following the news that the token had been made available across multiple platforms of Coinbase, the largest US cryptocurrency exchange. However, as the session progressed, the coin started losing momentum, which led to a close of $0.907. Still, the close was significantly higher than the coin’s opening level of $0.858.
ZRX has continued to decline in today’s trading, falling below the $0.90 mark. At the time of writing, the 0x price was hovering around $0.86, according to data from digital currency tracker Coinmarketcap.
As evidenced by 0x’s rise in recent days, the news of its listing on Coinbase garnered enthusiastic reaction from investors. However, the move has also received some criticism, with industry figures questioning Coinbase’s decision to list that particular token. As reported by website newsBTC, Preston Byrne, who describes himself as a “blockchain technologists”, highlighted the low activity surrounding the token.
“With these numbers, totally mystified as to how 0x got added to Coinbase. 101 daily active addresses... and that's after the Coinbase announcement,” Byrne said on Twitter.
Meanwhile, Dogecoin creator Jackson Palmer suggested that Coinbase’s acquisition of Paradex, which is based on 0x’s eponymous protocol, was behind the listing. However, prominent Bitcoin developer Udi Wertheimer argued that even the 0x-based Paradex did not use ZRX.
In today’s trading, the 0x price stood at $0.862, as of 15:01 BST. The digital coin has lost 6.7% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at just over $468 million, which makes it the 23rd-largest digital coin on the market.