Coinbase Announces 2 New Altcoin Listings

Coinbase, the leading US-based cryptocurrency exchange, has expanded its offerings by deciding to add trading support for two altcoins: BankrCoin (BNKR) on the Base network and Treehouse (TREE) on the Ethereum (ETH) network. 

The crypto listings have spurred significant market activity, with both tokens experiencing short-term price surges following Coinbase’s announcement.

BNKR and TREE Secure Coinbase Listing

According to the exchange’s post on X (formerly Twitter), trading for BNKR is scheduled to begin around 9:00 AM Pacific Time (PT) on July 30. Coinbase clarified that the launch of the BNKR-USD trading pair will occur in phases.

“Coinbase will add support for BankrCoin (BNKR) on the Base network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase @CoinbaseExch in the regions where trading is supported,” the post read.

However, support for BNKR may be limited in certain regions, meaning that some jurisdictions could face restrictions on trading or access to the asset.

The listing followed BNKR’s inclusion on Coinbase’s listing roadmap, alongside Jito Staked SOL (JITOSOL) and Metaplex (MPLX). Both of these were listed on the exchange last week. 

Additionally, Coinbase revealed that the listing of TREE, with trading commencing shortly after the initial announcement. 

“Treehouse (TREE) is now live on Coinbase.com & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets,” the exchange noted.

Notably, Coinbase listed TREE under the ‘experimental label’, signaling potential risks associated with its price volatility or limited track record. Meanwhile, the exchange’s move impacted the prices of both altcoins. 

BankrCoin saw a dramatic price increase of 88%. The token quickly climbed from around $0.00050 to $0.00094, before settling at $0.00061. This reflected a 20.8% gain at press time.

TREE, an ERC-20 token, experienced a more modest price uptick. Its value rose from $0.65 to $0.72, a 10.77% uptick. Nonetheless, it erased all these gains to trade at $0.64, down 0.38% at the time of writing.

It is worth noting that TREE is a new entrant in the crypto market. The token launched yesterday and also managed to secure a Binance listing. 

Furthermore, it has generated significant attention and emerged as one of the top trending cryptos on CoinGecko. The token’s 24-hour trading volume was $334 million, indicating heightened market activity.

Despite this, the token has faced headwinds. Since its launch, the price has declined approximately 43%. Nevertheless, this decline could be attributed to the selling pressure from the airdrop, a common occurrence with new tokens. Many tokens have experienced similar struggles after airdrops, as the influx of new holders leads to short-term sell-offs.