In a surprising twist amidst a bearish cryptocurrency market, where Bitcoin stands at $83,800 and most altcoins face declines of up to 5%, Coinbase has ignited excitement with the launch of a lesser-known altcoin. The announcement has propelled this altcoin to an impressive surge of 350%.
What is Keyboard Cat (KEYCAT)?
The newly listed altcoin is called Keyboard Cat (KEYCAT), recently added to Coinbase’s roadmap for altcoin listings. Following this news, the token experienced a remarkable spike in trading activity within a mere 15 minutes, hitting a peak price of $0.0193.
Initially, the token was valued at $0.004185 during the announcement, showcasing a staggering 350% rise from its peak, even though it has since faced a 70% decline. However, it remains 35% above its pre-announcement price.
What are the Market Effects of KEYCAT?
Coinbase’s rapid inclusion of three altcoins indicates the potential for further listings like KEYCAT. This trend highlights the inherent risks tied to low liquidity assets in the market.
This token, inspired by the popular meme “Keyboard Cat,” is currently traded on various centralized exchanges. Presently, it boasts a trading volume of $7 million and a market capitalization of $64 million, with its fully diluted valuation aligning with its circulating supply.
- KEYCAT saw a 350% price increase post-announcement.
- The token experienced a 70% drop but remains 35% above its initial value.
- Coinbase’s swift listing of altcoins suggests future opportunities.
The unexpected announcement has not only revitalized interest in KEYCAT but also underscores the volatile nature of cryptocurrency investments, where rapid price shifts can occur in response to new market developments.
