Coinbase announces listing Aloz Network (AIOZ), Golem (GLM), Highstreet (HIGH) and Synapse (SYN)

By: Ali Raza
Ali Raza
Ali was a News Reporter at Invezz covering the cryptocurrency markets and blockchain industry. He has 8 years of… read more.
on Mar 11, 2022
  • Coinbase has announced listing new altcoins on the platform.
  • Despite the listing, these coins have failed to make any strong uptrend.
  • The listing of these coins will boost retail trading on Coinbase.

Coinbase, one of the largest cryptocurrency exchange platforms in the US, has listed several low-cap altcoins. Four cryptocurrencies were listed on Coinbase Pro earlier in the week.

The four cryptocurrencies in question are Aloz Network (AIOZ/USD), Golem (GLM/USD), Highstreet (HIGH/USD) and Synapse (SYN/USD). The four assets will be available on Coinbase’s website and mobile application.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Coinbase lists AIOZ, GLM, HIGH and SYN

A recent tweet from Coinbase stated that these four assets would be listed alongside others. The four are low cap altcoins geared at promoting retail trading activities on the platform.

The Coinbase exchange has listed very few coins on the platform despite being one of the largest networks. The exchange has been cautious in its listing methods, and it is known for listing coins with large market caps.

The Coinbase effect does not seem to work for the three listed coins, given the recession across the cryptocurrency market. AIOZ has dipped by 3.9% during the past 24 hours, while GLM has only gained by 0.6% at the time of writing. HIGH and SYN have also made significant dips.

The performance of these four coins has tumbled in response to the rest of the cryptocurrency market. Since the beginning of the year, the broader market has been highly volatile, and the market cap has been struggling to stay above $2 trillion. This has made it hard for the “Coinbase effect” to aid the listed coins in their recovery.

The Coinbase effect

The Coinbase effect is a popular term in the cryptocurrency community. The term refers to the gains that tokens make when they have been listed on the Coinbase exchange. Many tokens have recorded notable gains when their coins are listed on the exchange.

A Messari report published last year explained the enormous gains that tokens make when listed on Coinbase. Listings on this exchange usually record major gains compared to other exchanges such as Binance and FTX. The Coinbase effect was seen when Dogecoin and Shiba Inu skyrocketed after listing on the platform.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, Capital.com
9.3/10
75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.