The potency as a price mover as the effect of Coinbase continues as Polygon and Skale explode, among similar results for other altcoins with small to large-caps. In earlier iterations of bullish trends, Coinbase was listing one of cryptocurrency’s consistent price movers. The ‘Coinbase effect’ was the name given to this phenomenon.
There has been an announcement that SushiSwap (SUSHI), Polygon (MATIC), and SKALE (SKL) would begin trading from March 11 after being added. The tokens saw price movements in the double digits as well as record volumes of trading since being listed. This is proof of how potent the Coinbase effect remains.
The Performance Of Matic, Skale, And Sushi
SKL has benefitted the most as per data. It has increased by 200% and more since being announced on 9th March. MATIC has seen a growth of 88% while SUSHI had a modest growth value of 7%.
SKALE is programmed to boost the capacity of transactions and reduce latency in the Ethereum (ETH) network. It is a method to make sure payments cost the least amount possible on being conducted. The website of SKALE proclaims that the smart contracts made in Solidity can be processed exponentially faster and cheaper than the main net. This deals with the issue of congestion that has arisen again after the recent popularity of tokens that are non-fungible and decentralized finances have gained.
Polygon (MATIC) is in a highly bullish trend, the effect of being listed on Coinbase being only one in a series of such positive events. The earlier one was when it was rebranded to Polygon from Matic. Now it aims to increase interoperability between different networks of blockchain inside the ecosystem of Ethereum. There has been a 150% increase in MATIC’s price since its listing was announced on 12th March.
SushiSwap, the third listing, has witnessed a response of a rather subdued nature. However, it has $4.21B currently circulating inside its protocol. It is among the top decentralized exchanges. Decentralized finances have seen a huge surge in popularity since the end of last year, but there has been a dampener with the introduction of non-fungible tokens. It saw price growth of 675% before the listing reaching the all-time high on 2nd March at $20.57.
All three of them are dealing with resolving issues that the network of Ethereum is presently experiencing.
