Why did the price of CORE escalate by 20% while the cryptocurrency market fell?

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CORE, native token Layer 1 CoreChain networkit has increased by over 20% in the last 24 hours. This is a noticeable price escalate given the downward trend in the broader cryptocurrency market with prices of other major cap tokens, including Ethereum (ETH) dumping.

Why CORE increased by more than 20%

After this session, the price of CORE increased by over 20%. Coinbase’s cryptocurrency exchange decision to add a crypto token to his “Roadmap” list. This means that the leading US cryptocurrency exchange plans to list CORE at some point, although it has not revealed exactly when that will happen. Regardless, this is undoubtedly a positive development for the CORE ecosystem given the exposure and mass adoption it can gain from listing on Coinbase.

CORE works on Ethereum Virtual Machine (EVM) Layer 1 compatible CoreChain blockchain. The network is unique in that it adopts the “Satoshi Plus” consensus mechanism. This mechanism uses Bitcoin’s proof of work (PoW) and Ethereum delegated proof of stake (DPoS) a mechanism aimed at solving the blockchain trilemma of decentralization, scalability and security.

CORE has already had quite a year, considering it is one of the best-performing crypto assets among the top 100 coins by market capitalization, with a year-to-date (YTD) gain of over 265%. This feat is even more commendable considering that only three crypto tokens (DogwifPEPE and Arweave) from the top 50 rankings have seen greater year-to-date gains than CORE.

Interestingly, most of the CORE price increases occurred in the weeks prior Bitcoin halving, and the price of the cryptocurrency skyrocketed by over 220% in one week. CORE’s interoperability with Bitcoin also gives it an advantage, as the network launches “CoreBTC”, which allows users to connect their BTC tokens to the network, thus leveraging the liquidity of the flagship Bitcoin network.

CORE is currently trading at $2.2. Chart: TradingView

Coinbase on reel

Coinbase’s decision to add CORE to its listing roadmap is in line with Coinbase’s decision latest XRP quote and BONK for its customers in Up-to-date York. The cryptocurrency exchange’s decision to relist XRP undoubtedly raised eyebrows, considering it delisted the cryptocurrency token in 2021, shortly after legal battle between Securities and Exchange Commission (SEC) and Ripple began.

Meanwhile, BONK’s listing has left many in the crypto community wondering when the cryptocurrency exchange will also list meme coins, Dogwifhat and PEPE. Coinbase’s hesitation to list these two meme coins continues to come as a surprise considering they are the fourth and third largest meme coins by market capitalization, respectively.

Meanwhile, so does Coinbase International Exchange recently announced that it will add support for Bonk, FLOKI and Shiba Inu perpetual futures on its platform and Coinbase Advanced. The platform added that trading will officially start on May 30. Coinbase Derivatives also recently introduced currency futures the most crucial meme coin, Dogecoin.

Featured image from NBC News, chart from TradingView


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