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Why did the CORE price increase by 20% while the cryptocurrency market collapsed?
CORE, the native token of CoreChain layer 1 network, has increased by more than 20% in the last 24 hours. This is a notable price increase, considering the downward trend in the broader cryptocurrency market with the prices of other larger-cap tokens, including Ethereum (ETH) dumping.
Why CORE rose more than 20%
Subsequently the price of CORE increased by more than 20%. Coinbase cryptocurrency exchange decision to add the crypto token to its “Roadmap” list. This means that the major US cryptocurrency exchange plans to list CORE at some point, although it has not revealed exactly when this will happen. In any case, this is undoubtedly a positive development for the CORE ecosystem, given the exposure and mass adoption it could gain from listing on Coinbase.
CORE runs on Ethereum Virtual Machine (EVM) CoreChain compatible layer 1 blockchain. The network is unique because it adopts a “Satoshi Plus” consensus mechanism. This mechanism adopts the proof-of-work (PoW) of Bitcoin and that of Ethereum Delegated Proof of Stake (DPoS) mechanism to address the blockchain trilemma of decentralization, scalability and security.
CORE has already had quite a year, considering it is one of the best performing cryptocurrencies among the top 100 coins by market cap, with a year-to-date (YTD) gain of over 265%. This feat is more commendable given that only three crypto tokens (DogwifhatPEPE and Arweave) in the top 50 charts have made more year-to-date gains than CORE.
Interestingly, most of the CORE price increases occurred in the weeks leading up to Bitcoin halving, with the price of the cryptocurrency skyrocketing by over 220% in just one week. CORE’s interoperability with Bitcoin also gives it an advantage, with the launch of the “CoreBTC” network, which allows users to connect their BTC tokens to the network, thus tapping into liquidity on the flagship network, Bitcoin.
Coinbase on a roll
Coinbase’s decision to add CORE to its listing roadmap follows his recent listing of XRP and BONK for its New York clients. The cryptocurrency exchange’s decision to put XRP back on sale undoubtedly raised eyebrows, considering it removed the crypto token in 2021, shortly after the legal battle between Securities and Exchange Commission (SEC) and Ripple began.
Meanwhile, BONK’s listing has many in the crypto community wondering when the cryptocurrency exchange will also list meme coins, Dogwifhat and PEPPER. Coinbase’s hesitation in listing these two meme coins continues to be a surprise, given that they are the fourth and third largest meme coins by market capitalization, respectively.
Meanwhile, so does Coinbase International Exchange recently announced which will add support for Bonk, FLOKI and Shiba Inu perpetual futures on its platform and Coinbase Advanced. The platform added that trading will officially begin on May 30. Coinbase Derivatives also recently launched futures contracts for the main meme coin, Dogecoin.
Featured image from NBC News, chart from TradingView