With a circulating supply of almost 41 million, the coin now has a market cap of $27,220,357 after it registered a 64.84% surge.
American cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) has extended its support to Stader (SD), the primary cryptocurrency of the Stader Labs platform. The firm announced its plans to add the coin to its listing roadmap. In a rather expected move, the news has caused an uproar in the crypto ecosystem, evident in the price surge that the coin saw earlier.
Coinbase Fueling the Bullish Stader Performance
Top exchange listings are crucial for the visibility of digital assets due to the significant impact that they have. Coinbase is one of the leading players in the crypto sector, therefore, bagging a listing on the platform is a significant win for Stader. The coin is utilized for governance and transaction payments within the Stader ecosystem.
Right after Coinbase’s announcement, SD saw more than a 50% surge as it registered a new high of $0.8507. At the time of this writing, the coin has settled at $0.6678 with a 64.84% increase within the last 24 hours. This is still an impressive price gain for the Stader coin. Additionally, the token’s weekly performance has displayed a positive sentiment with up to a 15% price appreciation over a period of seven days.
Coinbase endorsement of the coin has sent its trading volume on a sizable high. Data from CoinMarketCap shows that Stader’s trading volume has gone up by 231.53% in the last 24 hours. This corresponds with a current trading volume of $7,711,493. Stader’s market capitalization is not left out of the skyrocketing performance.
With a circulating supply of almost 41 million, the coin now has a market cap of $27,220,357 after it registered a 64.84% surge.
Coinbase List Other Tokens amidst Regulatory Debacle
All of these metrics further reflect the interconnectedness of a crypto exchange listing and digital assets performance. Book of meme (BOME) experienced a similar sentiment as Stader last month after Coinbase announced support for the crypto.
Precisely, the top cryptocurrency exchange stated that it would add support for the perpetual futures of the memecoin on Coinbase International Exchange and Coinbase Advanced alongside Notcoin (NOT). Within 24 hours of the announcement, the BOME memecoin rose close to 10%, with a 15.31% surge in the trading volume to $271.9 million.
This year, Coinbase has listed a lot of other digital assets including the BRC-20 token ORDI. It also recently teamed up with payment processor Stripe to introduce support for the USDC stablecoin on the Base Network.
Meanwhile, the exchange is still facing regulatory issues with the United States authorities. Coinbase has a pending lawsuit with the Securities and Exchange Commission (SEC) over violation of securities laws. At the beginning of this month, the exchange asked the presiding judge Katherine Polk Failla, to take a cue from a similar case between the SEC and Binance.
The case is still ongoing with the judge yet to give a verdict.
next