This Popular Altcoin Skyrockets by 70% Following Support From Coinbase: Details

TL;DR

One particular cryptocurrency witnessed a notable price rally following listing on Coinbase.
Such actions from leading crypto exchanges have positively impacted the value of many other digital assets in the past.

Tensor (TNSR) – the native cryptocurrency of the leading Solana NFT marketplace – experienced a significant price boost in the past 24 hours. It briefly surpassed the $2.20 mark, currently trading at around $1.90 (per CoinGecko’s data).

The price spike of nearly 70% came shortly after the cryptocurrency exchange Coinbase enabled trading services with the token. 

“Coinbase customers can log in to buy, sell, convert, send, receive or store these assets,” the company’s announcement reads.

Earlier this month, Coinbase placed TNSR in its “roadmap” zone, where it had to meet certain criteria before receiving an official listing. It also added support for Tensor on the Solana network, advising users to refrain from sending the asset over other networks since “funds may be lost.”

The recently-emerged coin has made serious waves in the crypto space, accounting for a daily trading volume of over $750 million. Thus, it surpassed well-known altcoins such as Cardano’s ADA and Avalanche (AVAX), whose figures stand at $450 million and $535 million, respectively.

Another leading cryptocurrency exchange that embraced TNSR is OKX. It opened deposits and spot trading for TNSR/USDT on April 8, while withdrawals will become available later today (April 9).

Similar moves from trading venues in the past few months have been followed by surging prices of the affected cryptocurrencies. As CryptoPotato reported last month, the gaming token Ronin (RONIN) soared to an almost all-time high price after an official listing on Coinbase. 

Prior to that, Akash Network (AKT) jumped by 20% after the company added it to the “roadmap” section, while Helium Mobile (MOBILE) climbed to a two-month high following the firm’s decision to support it on the Solana network.