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Coinbase: Potential new admissions cause upset

 


If you look at Coinbase's communication strategy these days, you get the impression that the largest exchange on the market can't please anyone. It was actually about more transparency when Coinbase announced via blog post that it was considering 45 projects on the Ethereum blockchain and 5 more on Solana for inclusion in the exchange’s program.


The so-called coinbase effect usually sets in on the market shortly afterwards. In anticipation that an asset will become available to a wider audience in the future, many investors quickly jump in and drive up the price. Even after the announcement on Monday, this effect was observed.


However, this time two factors caused displeasure in the global crypto community, as various comments and feedback via social media make clear.


According to its own account, Coinbase applies a very high standard to the projects before even considering them. However, some on the published list raise eyebrows. A number of projects only have a very low market capitalization and it is unclear whether the goals set can be achieved at all by the teams.


Admittedly, it's debatable whether the thousands of different projects that Coinmarketcap alone spits out will ever come to fruition. In any case, it's not just premium assets that made the shortlist.


Which tokens will finally make it onto the stock exchange has not yet been determined and will be announced in the coming weeks.


Trader stocks up a few hours beforehand

It is not known who owns the ominous address. Therefore, there can be no direct talk of insider trading. However, the fact that a stranger deliberately bought large sums of money into the projects just a few hours before the list was published leaves an aftertaste.


Journalist Andrew Thurman used blockchain analysis to find out that the mysterious buyer bought 20 different projects just an hour before the announcement, which had never aroused his interest until then.


In addition to the suspicion that it could be one or more insiders, there is also a less exciting explanation for the acquisitions. For example, the buyer could have reacted to changes in the API or successfully interpreted other indicators, as Thurman explained via Twitter.

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