Coinbase, a cryptocurrency exchange known for its market influence, has announced the inclusion of Akash Network (AKT) to its trading platform. This move is anticipated to provide AKT with increased volume and market visibility. Coinbase’s listing announcements have historically led to substantial price movements for the involved cryptocurrencies.
Coinbase Welcomes Akash Network to Its Trading Roster
The announcement has shone a spotlight on Akash Network amid a relatively stable Bitcoin market. Coinbase has scheduled the listing to commence on March 19, 2024, provided liquidity conditions are met. Akash Network (AKT) will initially pair with the US dollar, with trading set to begin around noon Eastern Time. The exchange has alerted users to transfer AKT exclusively on the specified network to avoid losing funds and noted that the asset’s support might be limited in some regions.
Following the listing news, AKT experienced a noticeable increase in its price. Trading is slated to start at 7 PM Turkey time on the specified date. The price reaction underscores the impact of Coinbase listings on cryptocurrency valuations.
AKT Price Surges Following Listing Announcement
The price of AKT surged by nearly 20%, climbing from $5.3 to just over $6.1, showcasing the significance of the Coinbase endorsement. The spike came amid broader market attention to Solana and various meme coins.
Consequently, AKT’s market capitalization swelled past the $1.3 billion mark, propelling it to the 81st spot in the global market cap rankings. Furthermore, the 24-hour trading volume for AKT escalated by 20% to $16 million, reflecting a surge in investor interest towards the altcoin subsequent to the announcement.