Coinbase Adds Three Tokens, Triggers 6% CAKE Surge

Coinbase, a prominent US-based cryptocurrency exchange, has officially added support for three new digital assets: PancakeSwap (CAKE) on the Ethereum network, Subsquid (SQD) on the Arbitrum network, and Fartcoin (FARTCOIN) on the Solana network. The announcement, made yesterday, June 11, will see trading services for these tokens become available to users starting today.

The news of these additions triggered an immediate price increase for the involved cryptocurrencies. CAKE saw a 6% surge, reaching a high of $2.69, while FARTCOIN rallied above $1.50. SQD hit a new all-time high of $0.28. This price movement occurred amidst a broader crypto market boom, fueled by positive US CPI data and developments in USA-China trade relations.

However, the rally was short-lived. In the subsequent hours, the crypto sector experienced a downturn, and the newly added tokens on Coinbase lost much of their recent gains. As of the latest update, SQD remains in the green zone, while FARTCOIN and CAKE have charted losses on a 24-hour scale.

The initial price surge of these tokens is not surprising, given Coinbase's status as one of the largest crypto exchanges globally. The platform's support enhances the liquidity, accessibility, and overall reputation of the listed tokens. This phenomenon has been observed multiple times in recent months. For instance, at the start of the year, the meme coin Peanut the Squirrel (PNUT) saw a 30% price increase after being listed on Coinbase. Similarly, the meme coin Toshi (TOSHI) experienced a triple-digit surge shortly after being added to Coinbase's roadmap, a special zone where assets must meet certain criteria before being officially listed.

In contrast, the delisting of certain tokens by Coinbase has had a different impact. Towards the end of May, the exchange announced that trading services for Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) would be discontinued starting from June 26. The reason cited was that new versions of these tokens had been released, causing the original versions to no longer meet Coinbase's listing criteria. This delisting effort resulted in a substantial pullback for the affected tokens, with SYN suffering the most significant loss of around 15%.