Coinbase adds BIO and EUL to its asset roadmap, how are these tokens performing?

Coinbase has included Bio Protocol and Euler in its asset roadmap, indicating they could possibly be listed on the alternate down the road.

In a July 29 X publish, crypto alternate Coinbase introduced that it has added Bio Protocol (BIO) and Euler (EUL) to its asset roadmap.

Following the announcement, BIO rallied almost 17% earlier than giving up a few of its features and buying and selling barely decrease on the time of writing.

BIO value chart — July 29 : Supply: crypto.information

For the uninitiated, Bio Protocol is the native token powering a decentralized science (DeSci) ecosystem. It permits the creation of community-governed biotech analysis collectives, generally known as BioDAOs, and helps the tokenization of scientific mental property.

Euler, alternatively, is the governance token for Euler Finance, a permissionless DeFi lending protocol constructed on Ethereum. It permits customers to lend and borrow a variety of crypto property, together with long-tailed tokens not sometimes supported by different platforms. EUL has reacted extra modestly, going up simply 3.5% after the announcement.

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Each tokens have already secured listings on a number of standard cryptocurrency exchanges, equivalent to Binance, OKX, Kraken, Gate.io, MEXC, KuCoin for Bio Protocol, and Kraken, KuCoin, HTX, Gate.io for Euler.

Nonetheless, buyers ought to word that Coinbase’s asset roadmap solely signifies the cryptocurrencies at present into account for potential itemizing and doesn’t assure that they’ll in the end be added to the platform.

The Coinbase impact

As a Tier-1 alternate, Coinbase listings typically end in short-term rallies. Crypto merchants seek advice from it because the “Coinbase impact.” The momentum stems from the platform’s fame, broad person base, and enchantment amongst institutional buyers.

Market members are inclined to interpret listings as a sign of legitimacy, which ceaselessly results in elevated demand and upward value strain within the brief time period.

Traditionally, a number of tokens have recorded double-digit intraday features following a Coinbase announcement or itemizing.

Nonetheless, whereas preliminary rallies are widespread, they don’t seem to be assured, nor do they at all times maintain over the long run. Market situations, token provide dynamics, and broader investor sentiment all play a task in figuring out whether or not the itemizing results in lasting appreciation.

As an example, NEWT, the native token of Newton Protocol, crashed 44% shortly after its itemizing on Coinbase. In line with a report by crypto.information, the sharp drop was pushed by buyers promoting off their airdropped tokens to safe income, resulting in heightened promoting strain instantly following the itemizing.

One other instance that underscores this volatility is the case of Venice AI’s token, VVV. Shortly after being listed on Coinbase, the token noticed a pointy preliminary pump. Nonetheless, the rally was short-lived, and the worth crashed after studies emerged that the challenge crew allegedly issued and bought roughly $5.7 million price of VVV tokens across the time of the itemizing.

Since each BIO and EUL are already listed on a number of main exchanges, the influence of a possible Coinbase itemizing is probably not as pronounced as it will be for a newly launched token.

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