Coinbase Reveals Support For These 4 Cryptos; Will Prices Rally Ahead?

Coinbase crypto exchange has announced plans to list four new digital assets across its platforms, expanding its offering of tradable cryptocurrencies. 

The newly supported tokens include CoW Protocol (COW) on the Ethereum network, Moonwell (WELL) on the Base network, Catizen (CATI) perpetual futures on Coinbase International Exchange, and the launch of Zetachain (ZETA) trading on the exchange. This announcement is expected to impact the trading volume of these assets across the various platforms.

Coinbase Reveals Support For CoW Protocol

Crypto exchange Coinbase will begin supporting transfers for CoW Protocol (COW) on the Ethereum network as an ERC-20 token. According to the crypto exchange’s  official announcement, users should avoid sending this token over any other networks, as it could result in the loss of funds. 

Trading for the COW-USD pair is scheduled to start on September 24, 2024, at 9 AM PT, provided liquidity conditions are met. Once sufficient supply of the asset is established, trading will launch in phases, though restrictions may apply in certain regions where trading is limited.

Post the announcement, the COW price has seen a significant price surge. At press time, COW price was trading at $0.3076, a 9.47% surge.

Moonwell Launches on Base Network

The crypto exchange will also add support for Moonwell (WELL) on the Base network, with the ERC-20 token available for transfers on both the exchange platforms. Trading for WELL-USD will commence on September 24, 2024, once liquidity conditions are met. 

As with COW, trading will begin in phases, with certain jurisdictions potentially facing restrictions. 

The inclusion of WELL on crypto exchange reflects the platform’s commitment to expanding its token offerings on emerging blockchain networks like Base, furthering support for decentralized finance (DeFi) projects. Moonwell price also experienced a boost with the price recording a 30-day high of $0.03642. At press time, WELL price was trading at $0.03595, a 25% jump from the intra-day low.

Catizen Perpetual Futures to Be Offered

Concurrently, Coinbase International Exchange has announced the introduction of perpetual futures for Catizen (CATI), a newly launched token. CATI-PERP trading will commence on or after 9:30 AM UTC on September 26. This new futures market will be available on both the Coinbase International Exchange and the crypto exchange’s Advanced platforms. 

Perpetual futures are widely used in the cryptocurrency market, offering traders the ability to speculate on price movements without owning the underlying asset.

CATI’s price has shown high volatility following the announcement. Shortly after Coinbase’s listing update, the token experienced a 7% price surge to $0.8368 before falling back to $0.802, reflecting the erratic nature of meme tokens in the crypto market.

Additionally, the crypto exchange has opened up trading for Zetachain (ZETA), which is now available for buying, selling, converting, and storing on both the crypto exchange’s website and mobile applications. The launch of the ZETA-USD trading pair was accompanied by an auction phase, where users could place limit orders while determining the open price for trading. ZETA price additionally has reacted positive with the price jumping by 4% to $0.6617 as of press time.