Coinbase Sparks Ire With Possible Token Listings

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Coinbase Sparks Ire With Possible Token Listings
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key takeaways

Coinbase has released a list of 50 new tokens it is considering listing on its platform. The prices of many coins have surged in the past 24 hours. Some in the crypto community have accused Coinbase of considering scams or dead coins.

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Coinbase has revealed the names of 50 cryptocurrencies that may be listed in the second quarter of 2022. While some tokens surged by triple-digit percentages after the announcement, prominent industry figures rushed to Twitter to criticize the exchange’s listing standards.

Coinbase listing sparks outrage

Coinbase, the largest cryptocurrency exchange in the United States, disclose It is evaluating a long list of digital assets to go public in the second quarter of 2022.

Shortlisted candidates include 45 ERC-20 tokens on Ethereum and five SPL tokens on the Solana network. The move is said to be part of an effort to “increase transparency by providing as much information symmetry as possible”. Coinbase reportedly wants to reduce the likelihood of so-called “pump and dump” events, which have become so common in exchanges’ new token listings that crypto enthusiasts have dubbed the phenomenon the “Coinbase effect.”

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While Coinbase intends to increase transparency and avoid pumping up plans, some coins on its radar have already surged. Since the announcement, Big Data Protocol (BDP) is up more than 185%, ArcBlock (ABT) is up 56%, and Radar (RADAR) is up nearly 40%.

Source: TradingView

A decisive close above $0.13 could see BDP retest recent highs of $0.18 and even rise to $0.26. ABT must avoid closing prices below $0.16 to make higher highs. On the other hand, RADAR seems to be looking for further gains as it is likely to settle between $0.021 and $0.024.

Popular crypto character and host of the UpOnly podcast Cobie (real name Jordan Fish) took to Twitter to bake Coinbase today, saying the exchange’s plans to list some previously “solid” projects and “dead shitcoins” are seriously damaging Coinbase’s credibility. The entire crypto industry. He quipped sarcastically:

It’s great to see Coinbase stay at the forefront of decentralization, pioneering the continued adoption of trustless technology by listing solid, dead shitcoins more than a year after their death. Proud to work in an industry as innovative and agile as ours. “

According to Cobie, the most important development behind the big data protocol is 5.7 million BDP airdrop The second is a bug that prevents users from getting rewards.Meanwhile, other coins like Polkamon are known for their early backers dump They held within the first week of the token generation event, causing the price to plummet by 95%.

Coinbase’s legal, compliance and technical security standards remain unclear.

Disclosure: At the time of writing, the author of this article owns BTC and ETH.

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