July 21, 2024
Crypto

This Cryptocurrency Explodes Over 100% After Coinbase Prepares for a Listing


TL;DR

  • Coinbase added a new digital asset to its roadmap section, resulting in a temporary price surge followed by a minor decrease.
  • The exchange warns against premature investment in roadmap assets due to certain risks.

One of the largest cryptocurrency exchanges by trading volume and the leading one in the US – Coinbase – has decided to add support to the digital asset Hivemapper (HONEY). It placed the token on its “roadmap” section on January 4 or one step away from an official listing.

Somewhat expected, HONEY’s price skyrocketed by more than 100% minutes after the announcement, hitting $0.26 (per CoinGecko’s data). However, it retraced in the following hours, reaching the current level of approximately $0.20.

HONEY Price, Source: CoinGecko

Coinbase warned users to refrain from dealing with “roadmap” cryptocurrencies as they are still in the experimental zone, and a listing on the platform might be reconsidered.

“Transfers and trading are not supported for these or any other assets until a listing is officially announced. Depositing these assets into your Coinbase account before an official announcement may lead to permanent loss of funds,” the company said.

Meanwhile, an official listing on Coinbase could trigger an additional price rally for HONEY for several reasons. It could make the token more accessible to a large number of users and increase its legitimacy, possibly attracting investors and facilitating the flow of fresh capital.

This exact thing happened to BONK last month. The Solana memecoin also rallied substantially after Coinbase put it on its “roadmap” section. Once it got an official listing on the exchange, its price increased a lot more.





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