Friday, September 30

Cryptocurrency fires over 100% after being listed in Coinbase


In the year 2021, game coins, called gamecoins, are becoming a big issue in the cryptocurrency market. The first to explode was Axie Infinity (AXS), which provided a profit of thousands of percent in a few months to its investors.

After this success, doors were opened for other gamecoins to create notoriety and a certain visibility in the market. Even gamers, who previously didn’t invest in cryptoactives, consequently, were attracted to the market for that reason.

The game-related currency that stood out today was Gala Games (GALA), which rose by more than 100% in 24 hours.

Gala

The purpose of this cryptocurrency differs from many others in the same field, as it has no real purpose to be a token in which players will gain as they play.

Its ideal is for players to make profits with the games they want to play by giving them control of the games. However, it still follows the line of using NFTs (non-fungible tokens) for its characters, as in other games in the crypto universe developed in blockchain.

Remembering that such tokens also serve as a possible source of profit.

However, it is estimated that the main reason for the rise of GALA was not something directly related to the game design. On November 15th, it was announced on Coinbase Pro that there would be listings of new tokens at the American brokerage, namely: Alchemix (ALCX), Ethereum Name Service (ENS), Power Legder (POWR) and Gala (GALA).

Coinbase effect

There is a known phenomenon among cryptocurrency investors called coinbase effect and consists of large short-term currency valuations, more specifically, within up to 5 days.

This usually happens when we have new currencies being listed at major brokerages. However, it is worth noting that it has already been shown that Coinbase has a higher average appreciation than some other brokers.

Many investors use this strategy to get pumps of cryptocurrencies on the market. We can see this through the valuation of more than 50% that the POWR achieved in less than 24 hours, which was also listed on the co-base on the same day as the GALA.

Despite the coinbase effect being provided with a certain level of risk, not being 100% safe and not working on all listings, it is still a technique widely practiced by many trades and investors.

It should be noted that, since the beginning of the week, the market has been experiencing small corrections in general, with large cryptocurrencies fighting in the same price range or even with not very sudden fluctuations, the currencies in question that stood out, demonstrate that the cryptocurrency market offers earning strategies all the time.





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