Why Did CORE Price Surge 20% While The Crypto Market Dumped?
May 25 2024 - 7:00PM
NEWSBTC
CORE, the native token of the layer-1 network CoreChain, has surged
over 20% in the last 24 hours. This is a notable price increase,
considering the downward trend in the broader crypto market with
the prices of other major cap tokens, including Ethereum (ETH)
dumping. Related Reading: Ethereum Eyes $4,000 Comeback
Fueled By Bullish Buying Spree Why CORE Soared By Over 20% CORE’s
price rallied by over 20% following crypto exchange Coinbase’s
decision to add the crypto token to its listing ‘Roadmap.’ That
means the foremost US crypto exchange plans to list CORE at some
point, although it hasn’t disclosed exactly when that will happen.
Regardless, this is undoubtedly a positive development for the CORE
ecosystem, given the exposure and mass adoption it could gain from
being listed on Coinbase. CORE runs on the Ethereum Virtual
Machine (EVM) compatible layer-1 blockchain CoreChain. The network
is unique because it adopts a ‘Satoshi Plus’ consensus mechanism.
This mechanism adopts Bitcoin’s proof-of-work (PoW) and Ethereum’s
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 crypto assets 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 (Dogwifhat, PEPE,
and Arweave) in the top 50 rankings have made more YTD gains than
CORE. Interestingly, most of CORE’s price gains came in the
weeks leading up to the Bitcoin halving, with the crypto’s price
skyrocketing by over 220% in a single week. CORE’s interoperability
with Bitcoin also gives it an edge, with the network launching
‘CoreBTC,’ which allows users to bridge their BTC tokens to the
network, thereby tapping into the liquidity on the flagship
network, Bitcoin. Coinbase On A Roll Coinbase’s decision to
add CORE to its list listing roadmap follows its recent listing of
XRP and BONK for its New York customers. The crypto exchange’s
decision to relist XRP undoubtedly raised eyebrows, considering it
had delisted the crypto token in 2021, shortly after the legal
battle between the Securities and Exchange Commission (SEC) and
Ripple began. Meanwhile, BONK’s listing has caused many in
the crypto community to question when the crypto exchange will also
list meme coins, Dogwifhat, and PEPE. Coinbase’s hesitation to list
these two meme coins continues to be a surprise, given that they
are the fourth and third largest meme coins by market cap,
respectively. Related Reading: Uniswap Shoots
Past $10 On 15% Price Explosion – Here’s The Trigger Meanwhile,
Coinbase International Exchange also recently announced that it
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 30th. Coinbase Derivatives
also recently launched futures contracts for the foremost meme
coin, Dogecoin. Featured image from NBC News, chart from
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