After Coinbase Exchange revealed a list of 50 cryptocurrencies under consideration for listing, MITX, KROM, and BDP all saw a 100 percent increase.
Following news that Coinbase, the world's seventh-largest cryptocurrency exchange, will offer 50 altcoins in Q2 2022, several of the mentioned tokens saw huge gains just hours following the announcement.
Gains of more than 100%
Since Coinbase's announcement, cryptocurrencies like Morpheus Labs (MITX), Kromatika (KROM), and Big Data Protocol (BDP) have risen by more than 100 percent.
MITX was trading at $0.014 on April 11, 2022, before the Coinbase announcement, according to CoinMarketCap data, but it skyrocketed to a high of $0.038 yesterday, while KROM, which was trading about $0.064 before the news, soared to a high of $0.13 the next day.
According to Coingecko statistics, BDP likewise had tremendous increases from its $0.059 low on April 11, 2022 to a high of $0.158 the next day.
Upcoming Altcoin Listings on Coinbase
Coinbase said earlier this week that it will be introducing 50 altcoins for trading in Q2 2022, including 45 Ethereum-based tokens (ERC-20 tokens) and five Solana-based currencies.
The reason for disclosing the information ahead of time, according to the San Francisco-based exchange, is part of attempts to promote openness on new crypto asset listings.
“Starting immediately and as part of an effort to increase transparency by providing as much information symmetry as possible, Coinbase will be using this blog post as a pilot to communicate assets under consideration for listing in Q2 2022,” Coinbase said.
Insider Trading Charges Have Been Leveled Against Coinbase
Meanwhile, following the disclosure, the Bitcoin exchange was once again chastised for indulging in insider trading.
Cobie, a well-known cryptocurrency influencer, found an Ethereum wallet that purchased hundreds of thousands of dollars worth of the tokens on the Coinbase list. The user, according to Cobie, purchased the assets at least 24 hours before the announcement.
“Found an ETH address that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published, ROFL,” Cobie tweeted.
Surprisingly, the account has spent $400,000.00 on several of the specified assets, including KROM, Paper (PAPER), Rac (RAC), and others.
This isn't the first time that something like this has happened. A new wallet had already been developed in February, prior to the news of the listing of Pawtocol (UPI) and Aventus (AVT).