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Why did CORE price rise 20% while the crypto market fell? – TradingView News
CORE, the native token of the layer 1 CoreChain network, has increased by more than 20% in the last 24 hours. This is a notable price increase considering the downward trend in the broader crypto market as prices of other large-cap tokens, including Ethereum (ETH), dump.
Why CORE Soared Over 20%
CORE price rose more than 20% following cryptocurrency exchange Coinbase’s decision to add the crypto token to its ‘Roadmap’ listing. This means that the leading US cryptocurrency exchange plans to list CORE at some point, although it has not disclosed exactly when that will happen. Regardless, this is undoubtedly a positive development for the CORE ecosystem, given the exposure and mass adoption it could gain from being listed on Coinbase.
CORE runs on the Ethereum Virtual Machine (EVM) compatible layer-1 CoreChain blockchain. The network is unique because it adopts a ‘Satoshi Plus’ consensus mechanism. This mechanism adopts Bitcoin’s proof-of-work (PoW) mechanism and Ethereum’s delegated proof-of-stake (DPoS) mechanism to address the blockchain trilemma of decentralization, scalability, and security.
CORE has already had quite a year, considering it is one of the best-performing crypto assets among the top 100 coins by market cap, with a YTD (YTD) gain of over 265%. This feat is all the more commendable given that only three crypto tokens (Dogwifhat, PEPE, and Arweave) in the top 50 rankings have seen more year-to-date gains than CORE.
Interestingly, most of CORE’s price gains occurred in the weeks leading up to Bitcoin’s halving, with the cryptocurrency’s price soaring more than 220% in a single week. CORE’s interoperability with Bitcoin also gives it an advantage, with the network launching ‘CoreBTC’, which allows users to plug their BTC tokens into the network, thus taking advantage of the liquidity of mainnet Bitcoin.
Coinbase on a roll
Coinbase’s decision to add CORE to its listing roadmap follows its recent listing of XRP and BONK for its New York customers. The cryptocurrency exchange’s decision to relist XRP undoubtedly raised eyebrows, considering it had delisted the crypto token in 2021, shortly after the legal battle between the Securities and Exchange Commission (SEC) and Ripple began.
Meanwhile, BONK’s listing has many in the crypto community questioning when the crypto exchange will also list meme coins, Dogwifhat and PEPE. Coinbase’s hesitation to list these two meme coins continues to come as a surprise, given that they are the fourth and third largest meme coins by market cap, respectively.
Meanwhile, Coinbase International Exchange also recently announced that it will add support for Bonk, FLOKI, and Shiba Inu perpetual futures on its platform and Coinbase Advanced. The platform added that trading will officially begin on May 30th. Coinbase Derivatives also recently launched futures contracts for the leading meme coin, Dogecoin.
Featured image from NBC News, chart from TradingView