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Coinbase Halts Trading in Two Crypto Tokens: Here’s Why
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Major cryptocurrency exchange CoinBase announced the disablement of trading for Metal DAO (MTL) and Enjin Coin (ENJ) on its platform. This action means that users may no longer be able to trade MTL and ENJ on the Coinbase platform.
Even though trading of Metal DAO (MTL) and Enjin Coin (ENJ) is disabled on the Coinbase platform, users’ funds will remain accessible to them and they will continue to have the ability to withdraw their funds at any time.
Coinbase’s decision to stop trading the Enjin coin follows a recent assessment in which the cryptocurrency exchange frequently reviews assets on its platform to ensure they meet its listing standards.
CoinBase suspended trading on June 14 for Enjin Coin (ENJ) across all of its platforms, including Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and Native DEX.
On June 4, Metal DAO successfully passed MIP-00, a proposal that outlines its transition to Metal L2, which operates on the Optimism Superchain, similar to Base. MTL will be migrated from the Ethereum mainnet to Metal L2 via airdrop.
Coinbase said it will not support token airdrops and therefore ceased trading for Metal DAO (MTL) on June 14. The trading halt affects all Coinbase platforms: Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime and Native DEX.
In a crucial notice for MTL holders, Coinbase said that to be eligible for the MTL V2 token airdrop, they must transfer their MTL assets to a self-custodial wallet that supports MTL V2 by June 23 to ensure access to resources sent via airdrop.
The impact of Coinbase’s announcement was evident, with both MTL and ENJ seeing prices drop around the clock, aided by the current market decline. At the time of writing, Enjin Coin fell 3.21%, trading at $0.2196, while Metal DAO fell 4.31%, to $1.25.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.