In previous bull markets, it was one of the factors driving prices largely One of the cryptocurrency projects was Listing on Coinbase, a phenomenon known as the “Coinbase Effect”.
Recent announcement of Polygon (MATIC), SKALE (SKL) and SushiSwap (SUSHI) joining the exchange They will start trading on March 11th Show that Coinbase’s effect is still powerful, As seen icons a Record trading volume and price movements in double digits since listing.
4 Hour chart for MATIC / USDT vs. SKL / USDT vs. Sushi / USDT. Source: TradingView
Data from Cointelegraph and TradingView Markets shows this SKL has been the biggest beneficiary of Coinbase’s influence, Up more than 200% since the announcement on March 9, while MATIC grew 88% and SUSHI posted a modest 7% gain.
SKL / USDT
Scale She describes herself as a The ‘fluid grid’ designed to achieve the scalability of the Ethereum network (ETH) Enhance transaction capacity and reduce latency As a way to ensure this Payments can be made in the most economical way.
According to the project site, Solidity smart contracts can run “thousands of times faster and at a fraction of the cost of the main grid” The platform is well suited for streaming content and gaming services that have been hampered by the Ethereum mainnet.
4 hour chart for SKL / USDT. Source: TradingView
Congestion and rising transaction costs on Ethereum have re-emerged as a major problem in the crypto community in the past two months., As the temptation of decentralized funding and non-exchangeable tokens led to a Significant increase in network activity and gas rates.
Matic / USDT
Polygon (MATIC) has been on its way so far in 2021, going on The listing on Coinbase is the latest event that pushed the altcoin price.
Previous significant developments include the renaming of Matic to Polygon, which was made when The project was pivoted to become “Polkadot for the Ethereum Network”, focusing on providing interoperability with separate blockchain networks to the Ethereum ecosystem..
Since the name change, Several projects have been merged or migrated To a layer 2 solution, Providing significantly lower transaction costs and faster confirmation times.
4 hour chart for MATIC / USDT. Source: TradingView
MATIC is up 150% since its listing on Coinbase On March 12th, the alt currency recorded a record trading volume of $ 2.6 billion in 24 hours.
VORTECS ™ data from Cointelegraph Markets Pro began to spot a bullish outlook for MATIC on March 6th, ahead of the recent price rally..
The VORTECS ™ score, exclusive to Cointelegraph, is a mathematical comparison of historical and current market conditions drawn from a set of data points including market sentiment, trade volume, recent price movements and activity on Twitter.
VORTECS ™ result (green) vs. Matic price. Source: Cointelegraph Pro Markets
As shown in the chart above, the VORTECS ™ score peaked at 81 on March 6, three days before the listing was announced on Coinbase. After pulling back to the 48th low on March 8th, VORTECS ™ result increased Then To the highest level at 89, almost two days before the price rises to a new all-time high.
Sushi / USDT
SushiSwap (SUSHI) was the third coin listed on Coinbase this week and Received a more conservative answer even though SushiSwap is one of the best decentralized exchanges and currently has $ 4.21 billion locked into its protocol..
Decentralized financing It has been one of the hottest topics in the cryptocurrency sector since December 2020, however It has seen a marked decline in activity in recent weeks as non-exchangeable tokens have come into the limelight.
4 hour chart from SUSHI / USDT. Source: TradingView
SUSHI saw its price grow 675% in 2021, from a low of $ 2.69 on Jan.1 to an all-time high of $ 20.57 on March 2, so It’s not entirely unexpected that its price has had a lackluster response to Coinbase’s listing.
The observed relationship between the three projects discussed has to do with demonstrating solutions to current problems affecting the Ethereum network.
While Coinbase’s impact may have helped drive recent price gains from each project, The broader needs of the cryptocurrency community and the solutions these protocols provide You have MATIC, SKL and SUSHI in good standing To see more rises as active participation in the cryptocurrency ecosystem continues to rise.
The opinions and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investments and operations involve risks, so you must do your own research when making a decision.
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