Chainlink (LINK) Surged By 117% After Coinbase Pro And Coinbase Listed The Crypto
After it got listed on Coinbase Pro and Coinbase retail platforms, Chainlink (LINK), the digital token on the Chainlink network, skyrocketed by more than 117%. Chainlink blockchain focuses on linking smart contracts to external data sources.
More specifically, Chainlink (LINK) surged from $2.03 to $4.41 during the three days when the Coinbase listings got announced. That is known in the crypto world as the “Coinbase effect,” and it is a phenomenon when a cryptocurrency skyrockets immediately after its listing on the Coinbase crypto exchange platforms. The same already happened with Litecoin (LTC), Bitcoin Cash (BCH), Augur (REP), and EOS (EOS) when they got on Coinbase.
However, judging after the recent performance of Chainlink (LINK) in the cryptocurrency market, the so-called “Coinbase effect” seems to slow down for LINK digital token. The surge that Chainlink (LINK) experienced might also be because this crypto is a smaller altcoin, has lower trading volumes, and is not as available on significant exchanges with a broad presence across the US.
Chainlink (LINK) skyrocketed after Coinbase Pro and Coinbase Retail Listings, But It Now Decelerated
After only 8 hours after it got on Coinbase Pro, Chainlink (LINK) rose by 16.3 percent, while 12 hours after that, it reached a rise of about 24%. After Conibase retail platform listed Chainlink (LINK), the digital coin surged by 62.8 percent in total.
As we’ve already mentioned above, the so-called “Coinbase effect” seems to diminish for Chainlink (LINK). At the moment of this writing, LINK trades at $3.94, recording an increase of 14.45% in the last 24 hours. Besides, it seems that in terms of volume trading, Chainlink (LINK) helped Coinbase to become the third-largest LINK trader at the moment with a 24-hour volume of over $112 million.
Right now, Chainlink (LINK) is the 16th cryptocurrency in the market with a market capitalization of $1,378,829,462, at about $110 millions behind DASH that is on the 15th position in the crypto market.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.