• The value of the IDEX token has increased by 60% as a result of its listing on Coinbase

  • As the overall crypto market recovers, several tokens have seen significant gains after being listed on Coinbase.

    The so-called “Coinbase Effect” is in full swing after the American cryptocurrency exchange listed several cryptocurrencies, causing many of their prices to reach new all-time highs.

    Coinbase Pro announced the listing of COVAL, IDEX, MCO2, POLS, FOX, SPELL, and SUPER on Monday, with trading set to begin on Tuesday at 12 p.m. EST in supported jurisdictions and assuming liquidity requirements are met.

    COVAL, an ERC-20 token that powers the Emblem platform, jumped from $0.02 to a new all-time high of $0.092 immediately after the news broke. According to CoinGecko, despite the subsequent correction, COVAL is still up 287.5 percent in the last day.

    MCO2, the Ethereum-based token that powers the Moss Carbon Credit project, experienced a similar price increase, rising from $9.30 on Monday to a new all-time high of $21.68 on Tuesday. MCO2 is currently trading around $19, up 104 percent on the day.

    The Coinbase listing also helped IDEX, the governance token of the eponymous “hybrid liquidity” decentralized exchange (DEX). This comes just a week after the protocol’s v3 was released.

    On Monday, IDEX v3 added the IDEX/USDC trading pair, along with a corresponding liquidity pool and a yield farming option.

    With the Coinbase listing, the price of IDEX soared to a daily high of $0.46 earlier on Tuesday, with the token changing hands around $0.42 by press time, a 65.5 percent increase in the previous 24 hours.

    The market has recovered as a result of the Coinbase listings.

    The rest of the market is also having a good time, with many assets posting double-digit gains.

    Bitcoin is up 8.4 percent on the day, trading around $51,270, while Ethereum, the second-largest cryptocurrency by market cap, is up 10.8 percent, trading around $4,400.

    Polygon (MATIC), which is up 29.8 percent, Avalanche (+20 percent), and Terra, Polkadot, Cardano, and Solana, which are all up about 12 percent, are among the market’s top gainers.

    The bullish move comes just days after a market-wide rout over the weekend, which the industry hasn’t seen in a long time.

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