In previous years, Coinbase has been the king of the crypto pump. Even the potential of a new listing would send a coin to the moon. A few hours ago, three new crypto assets were added to the US exchange’s listings, but price action has been far from positive for them since.
Coinbase Pro Adds EOS, Maker and Augur
According to the company’s blog, the exchange will begin accepting inbound transfers of EOS (EOS), Augur (REP), and Maker (MKR) on its Pro platform. Pairs will be in USD, Euro and BTC for EOS and Augur, and BTC and its own stablecoin USDC for Maker. Previously, Coinbase Pro added fiat pairs for 0x and Ethereum Classic, Stellar and Ripple’s XRP to its professional traders platform.
Back in 2017, just the notion of a listing with Coinbase would send a token skyrocketing – as was witnessed with XRP several times just on rumors. When ETC got added in June 2018, it did indeed pump – but the move was marred with accusations of insider trading and the altcoin dumped just as quickly. BAT is another example; it sure did increase in price by 15% following the listing announcement in November, but those gains were soon wiped out. Stellar’s move was even weaker as XLM made just 7% in a pump following the listing news as reported by Crypto Insider.
A Dump Instead of a Pump
This time around, the three new listings have barely moved. In fact, following the announcement a few hours ago, they have actually fallen. EOS is down over 2 percent on the day, as it fell from $5.57 this time yesterday to $5.45 where it is now. An insignificant spike at the time of the announcement moved EOS price around 3%, but an instant dump followed it signifying that the Coinbase listing had no effect.
Likewise with Maker, which is down over 5 percent on the day falling from over $750 to $714 over the past 24 hours. Around the time of the Coinbase blog post release, MKR actually slumped 4.6% within the space of an hour or so.
Augur has behaved no differently, with REP dropping almost 3 percent on the day from $21.80 to $21.17. The announcement spike is clearly visible on the 24 hour chart, as REP pumped to $24 and instantly dumped again.
It appears conclusive then that, unlike the days of old when a big exchange listing would pump a token, things are very different now – at least where Coinbase is concerned. Other exchanges, especially in Asia, seem to have retained their ‘pumpability’ especially for low cap altcoins that do shoot off the chart when listed. The larger ones now appear to be driven by bigger things which could be positive signs that some of them are maturing in their own right.