This cryptocurrency explodes by greater than 100% after Coinbase prepares to checklist

TL;DR

• Coinbase added a brand new digital asset to its roadmap part, which resulted in a short lived spike in worth after which a slight decline.
• The alternate warns in opposition to untimely funding in Roadmap property as a consequence of sure dangers.

Coinbase, one of many largest crypto exchanges by buying and selling quantity and a number one alternate in america, has determined so as to add help for the digital asset Hivemapper (HONEY).that placed The token can be listed within the “Roadmap” part on January 4th, or one step away from official itemizing.

As was considerably anticipated, the value of HONEY soared over 100% minutes after the announcement, reaching $0.26 (in keeping with CoinGecko knowledge). Nevertheless, it subsequently fell again within the subsequent few hours, reaching its present stage of round $0.20.

Coinbase has warned customers to chorus from coping with “roadmap” cryptocurrencies as they’re nonetheless in an experimental stage and itemizing on the platform could also be reconsidered.

“We don’t help the switch or buying and selling of those or another property till the itemizing is formally introduced. Depositing these property into your Coinbase account earlier than the official announcement might lead to everlasting lack of funds. Sure,” the corporate mentioned.

Then again, the official itemizing on Coinbase may trigger additional worth will increase for HONEY for a number of causes. This might make the token extra accessible to a bigger variety of customers, enhance its legitimacy, and entice buyers and drive new capital flows.

Final month, this very same factor occurred to BONK. Solana memecoin additionally rose considerably after Coinbase listed it in its “Roadmap” part. As soon as formally listed on the alternate, the value rose additional.