Request Network Token Increased 314% After Coinbase Listing

The Request Network token increased by 314% in one week after the Coinbase listing and it is now trading for $0.27 as we are reading more in our latest altcoin news today.

The payments platform and its Request Network Token REQ took the opportunity of the Coinbase listing and increased 314% in one week. Launched in 2017, Request Network lets users send, receive and fulfill invoices on the decentralized networks, and all businesses that accept crypto can invoice their clients via the automated platform similarly to corporations in the non-crypto world.

Its utility token, REQ powers the network, and the token followed the listing process of each aspiring cryptocurrency and traded on Defi protocols like Uniswap at first then the lesser-known centralized exchanges and major platforms like Coinbase. Some of the sudden surges in the token price followed the listing on popular crypto exchange Coinbase and once the coin is lined up for the listing, the price often goes skyward and the recurring phenomenon is known as the Coinbase effect. The effect was seen first in 2017 after the prices of BTC hard forks, Litecoin, and bitcoin Cash doubled following the listings on Coinbase with the effect happening when the exchange lists a coin during bearish markets as we saw with Dogecoin that experienced a rise two months ago after its listing.

REQ’s been down 20% since a day ago which indicates a strong sell-off after the listing because of the “buy the rumor, sell the news” kind of situation but its price is up by 442% over the past month. Launched in 2017, REQ has a maximum supply of 999,983,984 and burns tokens whenever it is used for e-invoicing. The network charges up to 10 for payments requests and burns the equivalent amount of REQ to lower the supply in circulation.
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Coinbase listed QuickSwap as well with a market cap of $299 million so now the token trades for $826 marking a 21% increase since yesterday and 144% in the past week. Quick Swap was one of Mark Cuban’s favorite protocols but he hasn’t said much about it since he got the rug pulled.

Coinbase also added Axie Infinity’s token yesterday and the token has a market cap of $4 billion, it got down by 1.3% a day ago but it is up 64.3% this week. It now trades for $70 which is a huge jump from $4.40 to $75.73.