Coinbase Effect launches Axie Infinity (AXS) up by 30%

on Aug 12, 2021
  • Coinbase recently announced a new batch of coins that will be listed on its Coinbase Pro.
  • The coins include AXS, WLUNA, TRU, and REQ, all of which saw significant price surges after listing.
  • The coins will be available in most Coinbase-supported jurisdictions, with trading starting today.

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Coinbase is the largest US crypto exchange by trading volume, and one of the largest trading platforms in the world. It is also well-known for the fact that it is regulated, and that it went public recently. But, as such, it is very picky when it comes to listing new coins and tokens, and it requires potential candidates to fulfil very strict requirements.

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However, once a coin does get chosen and approved, its listing on Coinbase typically results in a strong price increase, which has come to be known as the Coinbase Effect. Well, the effect was just seen in action once again, after Coinbase Pro listed the latest batch of approved digital assets, including Axie Infinity (AXS/USD), which skyrocketed by 30% in only a few hours after listing.

The price surge came on August 11th, after Coinbase revealed the next group of coins chosen to join its platform. Apart from AXS, the leading US exchange also added support for WLUNA, TRU, and REQ. All of these coins have been available for deposits since August 11th.

Coins will begin trading today

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The company also stated that support for the coins will generally be available in all Coinbase-supported jurisdictions, with certain exceptions. Trading of these coins, however, is scheduled to start today, August 12th, at 9 AM PT. However, there is a condition that needs to be met first — all liquidity requirements need to be fulfilled first. Order books will then launch in three phases — post-only, limit-only, and finally, full trading.

Furthermore, each of these crypts will be paired against USD and EUR, as well as BTC and USDT.

Following the announcement, AXS price went up by 30%, from $59 to $77. The surge also helped the project with its market cap, which climbed high enough to secure a spot among the 30 largest cryptocurrencies. As for the other listed coins, REQ went up by over 100%, TRU by around 60%, but WLUNA’s price only increased by 10%.