Coinbase adds BIO and EUL to its asset roadmap, how are these tokens performing?

Coinbase has included Bio Protocol and Euler in its asset roadmap, indicating they may very well be listed on the trade down the road.

In a July 29 X publish, crypto trade Coinbase introduced that it has added Bio Protocol (BIO) and Euler (EUL) to its asset roadmap.

Following the announcement, BIO rallied practically 17% earlier than giving up a few of its features and buying and selling barely decrease on the time of writing.

BIO value chart — July 29 : Supply: crypto.information

For the uninitiated, Bio Protocol is the native token powering a decentralized science (DeSci) ecosystem. It allows the creation of community-governed biotech analysis collectives, often called BioDAOs, and helps the tokenization of scientific mental property.

Euler, however, is the governance token for Euler Finance, a permissionless DeFi lending protocol constructed on Ethereum. It permits customers to lend and borrow a variety of crypto belongings, together with long-tailed tokens not sometimes supported by different platforms. EUL has reacted extra modestly, going up simply 3.5% after the announcement.

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Each tokens have already secured listings on a number of common cryptocurrency exchanges, corresponding to Binance, OKX, Kraken, Gate.io, MEXC, KuCoin for Bio Protocol, and Kraken, KuCoin, HTX, Gate.io for Euler.

Nevertheless, buyers ought to word that Coinbase’s asset roadmap solely signifies the cryptocurrencies at the moment into account for potential itemizing and doesn’t assure that they are going to in the end be added to the platform.

The Coinbase impact

As a Tier-1 trade, Coinbase listings usually end in short-term rallies. Crypto merchants confer with it because the “Coinbase impact.” The momentum stems from the platform’s status, broad consumer base, and attraction amongst institutional buyers.

Market contributors are likely to interpret listings as a sign of legitimacy, which often results in elevated demand and upward value strain within the quick time period.

Traditionally, a number of tokens have recorded double-digit intraday features following a Coinbase announcement or itemizing.

Nevertheless, whereas preliminary rallies are frequent, they aren’t assured, nor do they all the time maintain over the long run. Market situations, token provide dynamics, and broader investor sentiment all play a job in figuring out whether or not the itemizing results in lasting appreciation.

As an example, NEWT, the native token of Newton Protocol, crashed 44% shortly after its itemizing on Coinbase. In line with a report by crypto.information, the sharp drop was pushed by buyers promoting off their airdropped tokens to safe income, resulting in heightened promoting strain instantly following the itemizing.

One other instance that underscores this volatility is the case of Venice AI’s token, VVV. Shortly after being listed on Coinbase, the token noticed a pointy preliminary pump. Nevertheless, the rally was short-lived, and the worth crashed after reviews emerged that the challenge workforce allegedly issued and bought roughly $5.7 million value of VVV tokens across the time of the itemizing.

Since each BIO and EUL are already listed on a number of main exchanges, the influence of a possible Coinbase itemizing will not be as pronounced as it might be for a newly launched token.

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