Two Ethereum Altcoins Go Ballistic After Getting Surprise Support From Coinbase
Two Ethereum (ETH)-based altcoins are rallying big after getting sudden support from Coinbase, the biggest crypto exchange in the US.
Yesterday, Coinbase dropped surprise support for metaverse ecosystem Virtua Kolect (TVK) and DIMO Network (DIMO), a project aiming to allow drivers to monetize data from their vehicles.
Coinbase says it will add support for TVK and DIMO on the Ethereum network on Tuesday once appropriate liquidity conditions are met.
Following news of the listing, TVK shot up 17.67% from $0.453 to $0.53, before correcting. At time of writing, TVK has a market cap of roughly $51.3 million. DIMO is currently up 229% in the last seven days, and about 58% since the announcement from Coinbase, trading at $0.191 at time of writing.
DIMO will be supported under Coinbase’s experimental label, a designation the US exchange reserves for crypto assets with low trading volume.
Coinbase has continued to rapidly list new altcoin projects throughout the crypto bear market. CEO Brian Armstrong says he sees Coinbase becoming similar to Amazon but for crypto assets.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are…
My belief is there’s gonna be millions of these assets over time, and so I hope it doesn’t make news every time we add one in the future, basically.”
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