CORE, the native token of Layer 1 network CoreChain, jumped more than 20% in the last 24 hours. This is a notable price increase, considering the broader crypto market has been trending downward with the prices of other large-cap tokens including Ethereum (ETH) dumping.
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Why CORE Soared Over 20%
CORE price increased by over 20% following crypto exchange Coinbase decision to add the crypto token to its “Roadmap” list. This means that the leading US cryptocurrency exchange plans to list CORE at some point, although it has not revealed 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 by being listed on Coinbase.
CORE runs on the Ethereum Virtual Machine (EVM) CoreChain compatible with 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 solve the blockchain trilemma: decentralization, scalability and security.
CORE has already had a good year, considering it is one of the best performing crypto assets among the top 100 coins by market cap, with a year-to-date gain ( YTD) by more than 265%. This feat is all the more commendable given that only three cryptographic tokens (dogwifhatPEPE and Arweave) in the top 50 have made more gains year to date than CORE.
Interestingly, most of CORE’s price gains occurred in the weeks leading up to the Bitcoin halved, with the crypto price climbing more than 220% in a single week. CORE’s interoperability with Bitcoin also gives it an advantage, with the network launching “CoreBTC”, which allows users to link their BTC tokens to the network, leveraging the liquidity of the flagship network, Bitcoin.
Coinbase on a roll
Coinbase’s decision to add CORE to its listing roadmap follows its recent list of XRP and BONK for its New York clients. The crypto exchange’s decision to relist XRP undoubtedly raised eyebrows, given that 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 many in the crypto community wondering when the crypto exchange will also list meme coins, Dogwifhat and PEPE. Coinbase’s hesitation to list these two meme coins continues to come as a surprise, given that they are the fourth and third largest meme coins by market capitalization, respectively.
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Meanwhile, Coinbase International Exchange also recently announced that it will add support for Bonk, FLOKI and Shiba Inu perpetual futures contracts on its platform and Coinbase Advanced. The platform added that trading would officially begin on May 30. Coinbase Derivatives also recently launched futures contracts for the the main coin, Dogecoin.
Featured image from NBC News, chart from TradingView
