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Coinbase Reveals Support For This New Token, Price Soars 20%
Coinbase has caught the attention of the crypto community with its recent announcement of support for a new token, Ancient8 (A8). The news has sparked excitement and speculation about a potential price rally for A8. Historically, positive endorsements from major exchanges tend to drive asset prices higher. Notably, A8’s recent rally also indicates that it is no exception.
Coinbase Adds Support for Ancient8
Monetary base has revealed that it will support Ancient8 (A8) on the Ethereum network (ERC-20 token). The exchange has warned users against sending this asset to other networks to avoid losing funds for now.
Meanwhile, the major cryptocurrency exchange has specified that A8 transfers are now available on the Coinbase exchange in supported regions. However, trading will begin once liquidity conditions are met, with the A8-USD trading pair launching in phases. Additionally, A8 trading may be restricted in some jurisdictions.
To ensure transparency, the exchange has labeled A8 as an experimental asset. This label helps customers make informed decisions about trading new or low-volume assets. The exchange explains that the experimental label indicates assets that are new to the platform or have lower trading volumes than other cryptocurrencies on the exchange.
Notably, this label does not limit the ability to send, receive, buy, sell, or hold these assets. However, the exchange advises caution due to potential price swings and canceled orders associated with lower volumes and availability.
The detailed explanation of the experimental asset label includes criteria for identifying these assets and notes that the requirements may change over time based on market conditions. The exchange is constantly monitoring assets on its platform and may remove the label when an asset no longer meets the criteria.
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A8 price increases by 20%
The announcement of Coinbase’s support for Ancient8 led to a significant increase in the price of the token. Following the news, the price of A8 skyrocketed by 20% to $0.24, highlighting the positive response from the market.
Old Price8
In particular, investors often react enthusiastically to approvals from main cryptocurrency exchangesseeing them as a sign of legitimacy and potential growth. That said, Ancient8’s inclusion on major exchanges could attract more traders and investors, spurring further demand and potentially higher prices.
The initial price surge suggests that the market is optimistic about A8’s future performance. Meanwhile, market participants expect that with the backing of a leading exchange like Coinbase, Ancient8 is poised for greater visibility and trading activity.
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