Coinbase Reveals Backing For This New Token, Price Rockets 20%

Coinbase has captured the crypto community’s attention with its recent announcement to support 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, the recent rally of A8 also indicates that it is no exception.

Coinbase Adds Support For Ancient8

Coinbase revealed it will support Ancient8 (A8) on the Ethereum network (ERC-20 token). The exchange cautioned users against sending this asset over other networks to avoid losing funds for now.

Meanwhile, the leading crypto exchange specified that transfers for A8 are now available on the Coinbase exchange in supported regions. However, trading will commence once liquidity conditions are met, with the A8-USD trading pair launching in phases. Besides, trading for A8 may be restricted in certain 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 either new to the platform or have lower trading volumes compared to other cryptocurrencies on the exchange.

Notably, this label does not restrict 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 volume 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 constantly monitors the assets on its platform and may remove the label when an asset no longer meets the criteria.

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A8 Price Rallies 20%

The announcement of Coinbase’s support for Ancient8 has led to a significant surge in the token’s price. Upon the news, A8 price skyrocketed by 20% to $0.24, highlighting the market’s positive response.

Ancient8 Price

Notably, investors often react enthusiastically to endorsements from major crypto exchanges, viewing them as a sign of legitimacy and potential growth. Having said that, Ancient8’s inclusion on the major exchanges could attract more traders and investors, driving further demand and potentially higher prices.

The initial price surge suggests that the market is optimistic about A8’s future performance. Meanwhile, the market participants anticipate that with the backing of a leading exchange like Coinbase, Ancient8 is poised for increased visibility and trading activity.

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