Little-Known Solana-Based Cryptocurrency Surges Nearly 70% After Coinbase Listing

by

The cost for the native token of an NFT marketplace built on Solana significantly increased by approximately 70% following its addition to Coinbase, a widely-used crypto exchange.

After being added to Coinbase with the “Experimental” tag, indicating new or less-traded tokens, the cryptocurrency’s price rapidly increased, reaching an astounding $2.2 peak. However, it then dipped down to approximately $1.8 by the time this text was composed.

The native token of Solana’s NFT marketplace, Tensor ($TNSR), is now supported on Coinbase. Users can buy, sell, exchange, send, and receive Tensor tokens through the Coinbase website and mobile apps for Android and iOS.

Tensor (TNSR) has been made available on the Coinbase iOS and Android apps under the “Experimental” category. Users of Coinbase can now access this digital asset for buying, selling, swapping, sending, receiving, or storing purposes directly through the app.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) April 8, 2024

Around the beginning of April, Coinbase announced that it was considering adding the TNSR token to its platform with a potential full listing, as signaled in their “roadmap” section. Additionally, Coinbase enabled users to transact with Tensor on the Solana blockchain network, but advised against sending the asset via other networks to avoid possible loss of funds.

Although new to the cryptocurrency scene, TNSR has gained notable recognition. Its daily trading volume exceeded $750 million, and more notably, it was recently added to the prominent exchange, OKX.

According to CryptoGlobe’s recent reports, memecoins on the Solana network have experienced significant growth. In an astonishing turn of events, one digital asset witnessed a price surge of more than 3000% within a day. A savvy crypto trader seized this opportunity by investing $9,000 worth of $SOL (approximately 50 units) and reaped the rewards with over $123,000 in profits.

A trader of cryptocurrencies once made more than $3 million in profits during the first 12-minute span after investing almost $2 million in a newly launched Solana memecoin as soon as it began trading.

Another occasion saw the trader with the online moniker “sundayfunday.sol” making a small initial investment of $72,000 in an obscure cryptocurrency. Within only three short days, this savvy investor managed to amass a fortune worth approximately $30 million.

On microblogging platform X, some users speculate that the creators or marketers of newly launched cryptocurrencies could be making high-risk investments in their own tokens to artificially inflate their prices for future profits.

Read More

2024-04-10 05:18