MATIC and Skale surge higher proving that the Coinbase effect is still quite the potent price mover for the smaller altcoins but also the fundamentals remain strong so let’s read more in our latest altcoin news today.
In a previous bull market, one of the biggest price movers for crypto projects was listed on Coinbase which was named as the “Coinbase effect” so with the latest announcement that MATIC and Skale, as well as SUSHI, will be added to the exchange and start trading on March 11, prove that the Coinbase effect remains potent with the tokens witnessing record trading volumes and double-digit price movements since the listing happened.
The data from Tradingview shows that SKL was the biggest beneficiary of the Coinbase Effect and increased more than 200% since the announcement made on March 9 while MATIC grew by more than 88% and SUSI gained about 7%. SKALE described itself as an elastic network that is designed to bring scalability to the ETH network by boosting transaction capacity as well as reducing latency to ensure payments can be conducted in the cheapest way possible. According to the project’s website, Solidity smart contracts are able to run thousands of times faster than the fraction of the mainnet cost so the platform is well suited for gaming and content streaming services which are bogged down by the congestion on the main ETH network.
MATIC was on a roll this year, especially now with the Coinbase listing being the recent event that boosted the price. the recent event that gave a push to the coin was the rebranding to Polygon and it now focuses on bringing interoperability with separate blockchain networks to the ETH ecosystem. SUSHI on the other hand was the third coin listed on the exchange this week and received a slight push. The decentralized finance space has been one of the hottest topics in the crypto sector since 2020 but it saw noticeable pullback inactivity in the past few weeks as NFTs stepped in.
One notable correlation between these projects is that they are offering solutions to solve problems that are plaguing the Ethereum network.
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