Why Did CORE Price Surge 20% While The Crypto Market Dumped?
CORE, the native token of the layer-1 network CoreChain, has experienced a significant surge of over 20% in the last 24 hours. This is quite remarkable considering the overall bearish trend in the crypto market, with other major tokens like Ethereum (ETH) experiencing a downturn.
The reason behind CORE’s surge can be attributed to the recent announcement by Coinbase, a prominent crypto exchange, that it plans to add CORE to its listing ‘Roadmap.’ Although Coinbase has not provided a specific timeline for the listing, this development is undoubtedly positive for the CORE ecosystem. Being listed on Coinbase would provide exposure and potential mass adoption for CORE.
CORE operates on the Ethereum Virtual Machine (EVM) compatible layer-1 blockchain CoreChain. What sets this network apart is its unique consensus mechanism called ‘Satoshi Plus,’ which combines Bitcoin’s proof-of-work (PoW) and Ethereum’s delegated proof-of-stake (DPoS) mechanisms. This hybrid approach aims to address the trilemma of decentralization, scalability, and security in blockchain networks.
Furthermore, CORE has already had a remarkable year, being one of the best-performing crypto assets among the top 100 coins by market cap. It has achieved a year-to-date (YTD) gain of over 265%. Only three crypto tokens (Dogwifhat, PEPE, and Arweave) in the top 50 rankings have achieved higher YTD gains than CORE.
Interestingly, most of CORE’s price gains occurred in the weeks leading up to the Bitcoin halving event, with its price skyrocketing by over 220% in just one week. Additionally, CORE’s interoperability with Bitcoin gives it an advantage, as the network launched ‘CoreBTC,’ allowing users to bridge their BTC tokens to the network and tap into the liquidity of the flagship network.
Coinbase, on the other hand, has been making significant moves in expanding its listing offerings. After recently relisting XRP and BONK for its New York customers, Coinbase’s decision to add CORE to its roadmap further highlights its commitment to widening its crypto offerings. The exchange’s relisting of XRP received attention, considering it had delisted the token in 2021 amidst the legal battle between the Securities and Exchange Commission (SEC) and Ripple.
Meanwhile, the crypto community has been raising questions about when Coinbase will list meme coins such as Dogwifhat and PEPE. These two meme coins rank fourth and third, respectively, in terms of market cap. Their absence from Coinbase’s listings continues to surprise many.
Coinbase International Exchange has also recently announced that it will support perpetual futures for Bonk, FLOKI, and Shiba Inu on its platform and Coinbase Advanced, with trading set to begin on May 30th. Coinbase Derivatives has also launched futures contracts for Dogecoin, one of the foremost meme coins.
Overall, CORE’s surge during a market downturn can be attributed to the positive development of its potential listing on Coinbase, as well as its strong performance and unique features within the blockchain ecosystem.