Avalanche-based Pangolin (PNG) skyrockets after Coinbase announced the listing

Coinbase, the largest digital currency exchange in the United States, revealed in a tweet that it plans to add support for Pangolin (PNG) — a cryptocurrency that was developed on Avalanche’s network. The token will be the first cryptocurrency based on the  ARC-20 token model to be listed on Coinbase. The exchange also added a warning not to send this asset over other networks, or the funds may be lost.

Coinbase will add support for Pangolin (PNG) on the Avalanche network. Pangolin (PNG) is the first Avalanche ARC-20 token to be offered on our exchange. Do not send this asset over other networks or your funds may be lost.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) October 5, 2022

Pangolin price skyrockets following the announcement

The announcement was a huge deal for the token, which saw its price skyrocket by more than 33% in 24 hours alone. Right before the announcement, the token’s price sat at $0.07636 on early October 5th. However, after the exchange revealed plans to list the token, its price skyrocketed, reaching the height of $0.1163. Since the initial hype, however, the token’s price has dropped, going down by 20%, currently sitting at $0.0861.

Of course, this was not the highest that the token has ever been. Originally launched in mid-2021, the token reached its highest price on August 24th, 2021, when it sat at $4.27. A year-long bear market that followed, however, took it down to where it is now.

Coinbase will support PNG with the Experimental label

Following its initial announcement, Coinbase posted further thoughts on the matter, noting that inbound transfers have become available on Coinbase, where trading is supported. The platform also noted that trading officially started on October 6th at 9 am PT. The only condition for this was to have a sufficient supply of the asset and that the liquidity conditions are met. Lastly, the exchange mentioned that it is adding support for PNG with the Experimental label, which is used for new assets, or assets with low trading volume compared to the exchange’s broader crypto marketplace.

Essentially, it is a tool meant to give less popular tokens a chance and see how it performs within the Coinbase ecosystem.

Pangolin (PNG) is the name of the asset of the Pangolin decentralized exchange (DEX) which was launched on Avalanche. The exchange allows users to stake, farm, swap, or bridge crypto assets from a number of different blockchains. Coinbase further noted that, depending on the market conditions, it may or may not remove the label going forward. It also said that it is constantly monitoring the assets on its platform, and if some of them do not meet the necessary criteria, the exchange will simply remove it.

The move is significant for Avalanche as well, as it points out that the project has more to offer than just its own native crypto and that the projects emerging on its network are good enough for Coinbase to give them a chance.

Related

• How to Buy Avalanche (AVAX) – Invest with Low Fees Today
• Avalanche Crypto: What is happening with the scandal involving AVAX?
• Avalanche Price Prediction for Today