Why Did CORE Price Surge 20% While The Crypto Market Dumped?

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As an experienced analyst, I believe CORE’s price surge of over 20% within the last 24 hours is a significant development in the crypto market’s current downtrend. The primary reason for this bullish move is Coinbase’s announcement to add CORE to its listing roadmap. This news alone has given the CORE ecosystem considerable exposure and potential mass adoption, which could lead to further price gains.

Core’s native token, CORE, experienced a significant surge of more than 20% within the past 24 hours on CoreChain’s layer-1 network. This price hike is noteworthy given the prevailing downward trend in the wider crypto market, where major cap tokens like Ethereum (ETH) have seen declines.

Why CORE Soared By Over 20%

The price of CORE surged by more than 20% after Coinbase, the leading US cryptocurrency exchange, announced its intention to include CORE in its listing schedule. Although the precise timing of this event remains undisclosed, the fact that CORE is set to be listed on Coinbase is a significant boost for the CORE ecosystem due to the potential increase in visibility and user base that comes with being traded on such a prominent platform.

CoreChain is a layer-1 blockchain that operates using the Ethereum Virtual Machine (EVM), making it compatible with the Ethereum network. What sets CoreChain apart is its innovative consensus mechanism, referred to as “Satoshi Plus.” This mechanism combines the proof-of-work (PoW) system found in Bitcoin and Ethereum’s delegated proof-of-stake (DPoS). By merging these two mechanisms, CoreChain aims to strike a balance between decentralization, scalability, and security – addressing the blockchain trilemma.

Core has truly shone among the top 100 cryptocurrencies this year. With a remarkable year-to-date (YTD) increase of over 265%, Core stands out as one of the best-performing assets in this category. What makes this achievement even more noteworthy is that just three crypto tokens – Dogecoin, PEPE, and Arweave – have surpassed Core’s YTD growth within the top 50 rankings.

It’s intriguing to note that a significant portion of CORE’s price surge occurred in the weeks preceding the Bitcoin halving. The cryptocurrency experienced an astonishing increase of more than 220% within a week. Moreover, CORE’s compatibility with Bitcoin provides it with a competitive advantage. This synergy resulted in the launch of ‘CoreBTC,’ enabling users to transfer their Bitcoin tokens to the network and access Bitcoin’s extensive liquidity pool.

Coinbase On A Roll

Coinbase’s announcement that CORE will be added to its upcoming listings comes after their recent inclusion of XRP and BONK for New York users. The unexpected move to reinstate XRP on the platform drew attention, given that Coinbase had removed it from circulation in 2021, shortly following the SEC’s legal action against Ripple.

currently, BONK’s addition to the exchange inventory has sparked debate among crypto enthusiasts about when Coinbase will include Dogecoin and PEPE in its listings. It is noteworthy that these two meme coins rank fourth and third by market capitalization respectively, making their absence on Coinbase a notable anomaly.

As an analyst, I’ve noticed some exciting developments at Coinbase International Exchange and Coinbase Advanced. They have announced their plans to add support for the cryptocurrencies Bonk, FLOKI, and Shiba Inu, specifically for perpetual futures. The official trading commencement is scheduled for May 30th. Additionally, Coinbase Derivatives has recently introduced futures contracts for Dogecoin.

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2024-05-26 10:53