These are not really intentional pumps, but the listing on Coinbase Pro has once again proved decisive in driving up the price of some cryptocurrencies.
These include the Ankr (ANKR), Curve DAO (CRV) and Storj (STORJ) tokens, whose listing on Coinbase Pro was announced on Tuesday, March 23rd, 2021.
Starting today inbound transfers for ANKR, CRV & STORJ are now available in the regions where trading is supported. Traders cannot place orders & no orders will be filled. Trading will begin on or after 9AM PT on Thurs 3/25, if liquidity conditions are met https://t.co/RMG6hFoD7k
— Coinbase Pro (@CoinbasePro) March 23, 2021
The price of ANKR had been hovering just above $0.07 for the past few days until Coinbase’s announcement, which sent it soaring to $0.11 in a matter of hours.
In other words, Coinbase caused a 57% increase in value, although the price subsequently fell to $0.85.
However, the current price, two days after the announcement, is still 30% higher than on Monday.
A similar fate befell CRV, whose price was down from almost $3 on Saturday to $2.3 on Tuesday.
Coinbase’s announcement generated a 34% rise in a few hours, but by the next day, it was back down to $2.4. So it was only a momentary pump.
The case of STORJ was more dramatic, as the price had been struggling to get above $1 for several days.
Coinbase’s announcement sent it soaring 90% in a few hours to $1.9. The following day it fell as low as $1.4, only to rise again to almost $1.6.
Now STORJ is back just above $1.4, more than 40% above its pre-listing value.
It is worth noting, however, that only ANKR hit its ATH on Tuesday, while the ATH of CRV dates back to August of last year, and that of STORJ as far back as the great speculative bubble of late 2017/early 2018, when it reached over $2.8.
The Coinbase Pro “pumps”
In the past, there have already been similar pumps resulting from the announcement of the listing on Coinbase, as happened recently with Cardano.
Sometimes the pump is only temporary, as in the case of CRV, but other times it has repercussions on the medium-term price trend.
The pump is almost always quite quick, i.e. it lasts a few hours after the announcement, while in the following hours, including the actual listing, there is a drop. This dynamic occurred this time too.