Four altcoins are rallying after receiving unexpected support from Coinbase, the largest crypto exchange in the US.
The San Francisco-based exchange revealed it will be launching support for 1inch (1INCH), Enjin Coin (ENJ), NKN, and Origin token (OGN) today on Coinbase Pro as long as liquidity conditions are met.
Following the news, all four altcoins subsequently experienced what’s often referred to as the Coinbase bump, which is when a crypto asset significantly spikes in price after being placed on the US top exchange.
At the time of writing, ENJ has launched into a 65% rally over the last 24 hours, leaping from $2.13 before the announcement, to currently sitting at $3.42 at the time of writing according to CoinGecko.
Following suit is 1INCH, posting 37% gains since before the announcement, and OGN with a 45% rally from $2.14 to $3.08.
At the time of writing, NKN is up 45% in the last 24 hours after already witnessing a parabolic 566% explosion in the last 7 days.
Three of the four new cryptos on Coinbase are Ethereum-based tokens (ENJ, 1INCH, and OGN). ENJ is used for backing the value of NFTs on the Enjin ecosystem. 1INCH is the token that powers the 1inch platform, which is a decentralized exchange (DEX) aggregator that works out the best crypto prices across numerous DEXes. OGN is the native token of the Origin platform which aims to power decentralized peer-to-peer marketplaces.
NKN (New Kind of Network) is a public blockchain that uses economic incentives “motivate internet users to share network connections and utilize unused bandwidth.” NKN opened March 2021 at $0.04, and has rocketed up to $1.23 at the time of writing barely a month later.
As of now, the four new crypto assets are available on Coinbase Pro. New assets on Coinbase Pro typically launch on Coinbase as well once certain liquidity levels are reached.