IDEX Token Surged 60% After Latest Coinbase Listing: Analysis

The IDEX token surged 60% after the latest listing on Coinbase with the overall market rebounding and other tokens posting impressive gains as well so let’s read more in today’s altcoin news.

The so-called Coinbase effect is in full force as the American crypto exchange listed a few cryptocurrencies which pushed their prices to new highs. This was the case with the IDEX token as well as it surged more than 60% after the listing on the exchange. Coinbase Pro announced the listing of the IDEX, MCO2, COVAL, POLS, FOX, SPELL, and SUPER with the trading set to start trading on Tuesday in supported jurisdictions and the provided liquidity requirements are met.

Transfers for COVAL, IDEX, MCO2, POLS, FOX, SPELL & SUPER are 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 Tues 12/7, if liquidity conditions are met. https://t.co/rKdw59RRzs pic.twitter.com/O1wUYD2cOh

— Coinbase Pro (@CoinbasePro) December 6, 2021

All seven assets enjoyed a spike in price immediately after the news emerged with COVAL an ERC-20 token powering the Emblem platform that jumped from $0.02 to a new high of $0.092 and COVAL being up by 287.5% over the past day as per CoinGecko. MCO2 is an ETH-based token that underpins the Moss Carbon Credit Project which saw a similar price rise and grew to $9.30 and eventually to a new high of $21.68. the token increased up to 104% over the day. IDEX is the governance token of the Hybrid Liquidity decentralized exchange that enjoyed a boom from the Coinbase listing which came a week after the launch of the v3 protocol.

Back on Monday, IDEX v3 listed IDEX/USDC trading pair with a liquidity pool and yield farming option that is available as well. Coupled with the Coinbase listing the price of the token surged to a new high of $0.46 earlier on Tuesday with the token changing hands close to 46 earlier on Tuesday with the token changing hands close to $0..
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42 with an increase of 65.5% over the past day. The rest of the market enjoyed some positive moments as well with most assets posting double-digit gains as well. BTC is up by 8.4% over the day and it is trading at about $51,270 while ETH as the second biggest crypto by market cap, is up by 10.8% and trades around the $4400 mark.

Some of the market’s biggest gainers include MATIC that increased by 29.8%, Avalanche by 20%, and Cardano, Terra, and Polkadot all of which increased by 12%. The bullish action came a few days after the market=wide rout over the weekend which is something we haven’t seen in a while.