In previous bull markets, one of the more consistent developers has listed cryptocurrency project pricing on Coinbase, a phenomenon known as the “Coinbase effect”.

The recent announcement of Polygon (MATIC), SKALE (SKL), and SushiSwap (SUSHI) listed on the stock exchange and the start of trading on March 11th proved that Coinbase’s impact remains strong as the tokens saw record volumes and double-digit prices. Movements from the moment of entry occurred.

Data from Cointelegraph Markets and TradingView shows that SKL was the largest recipient of Coinbase’s impact, growing more than 200% since the March 9 announcement, while MATIC gained 88% and SUSHI took a modest 7%.

SCALE describes itself as a “flexible network” designed to provide the scalability of the Ethereum (ETH) network by increasing transaction productivity and reducing latency to ensure payments are made in the cheapest possible cost.

According to the project’s website, flexibility can fulfill contracts with solvency “thousands of times faster at low network cost”, and the platform is well suited to gaming and streaming services that are affected by congestion on Ethereum’s backbone.

Congestion and rising transaction costs on Ethereum have once again become a major concern of the cryptocurrency community over the past two months, as the lure of decentralized funding and non-exchangeable tokens has led to major increases in network activity and gas fees.

Matic / USDT
Polygon (MATIC) is still up and running in 2021, and Coinbase’s listing is the latest in raising altcoin prices.

Previous significant developments include the transition from Matic to Polygon, which was accomplished when the project was to become the “Polkadot of the Ethereum Network”, with a focus on enabling interoperability with individual blockchain networks in the Ethereum ecosystem.

After the renaming, many projects merged or migrated to a Tier 2 solution, resulting in significantly lower transaction costs and faster confirmation times.

MATIC’s price is up 150% since Coinbase was announced, and on March 12th, the 24-hour alt currency trading volume was $ 2.6 billion.

VORTECS data from Cointelegraph Markets Pro began to show an optimistic outlook for MATIC on March 6, ahead of the latest price increase.

The VORTECS score, excluding the Cointelegraph, is a mathematical comparison of historical and current market conditions derived from a set of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.

As shown in the chart above, VORTECS scored 81 points on March 6, three days before Coinbase’s listing was announced. After returning to a low of 48 on March 8, the VORTECS index rose to 89, about two days before the price reached an all-new high.

Sushi / USDT
SushiSwap (SUSHI) became the third coin to be listed on Coinbase this week and has received a more subdued response even though SushiSwap is one of the best decentralized exchanges with $ 4.21 billion currently on the protocol.

The decentralized economy has been one of the hottest topics in the cryptocurrency sector since December 2020, but there has been a noticeable drop in activity in recent weeks as non-exchangeable tokens have been in the spotlight.

Earlier in SUSHI, the price rose 675% in 2021, from a January 1 low of $ 2.69 to a permanent high of $ 20.57 on March 2, so it should come as no surprise that the price elicited a calmer price response. a plus. Coinbase login announcement.

The remarkable relationship between the three projects under discussion relates to proposing solutions to current problems plaguing the Ethereum network.

While Coinbase’s impact may have helped drive up prices recently for each project, the growing needs of the cryptocurrency community and the solutions offered by these protocols, MATIC, SKL and SUSHI, are well positioned to grow further with the active participation of the cryptocurrency. The ecosystem continues to grow.

Source: CoinTelegraph