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Why Did CORE Price Surge 20% While The Crypto Market Dumped?


CORE, the native token of Layer 1 network CoreChainIt has risen by 20% in the last 24 hours. This is a notable price increase, considering the downward trend in the broader cryptocurrency market with the prices of other major tokens, including Ethereum (ETH) dumping.

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Why did CORE prices rise by more than 20%?

CORE's price rose more than 20% after that Exchange cryptocurrencies at Coinbase Decision to add cryptocurrency token to “Roadmap” list. This means that major US cryptocurrency exchanges are planning to list CORE at some point, although they have 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 being listed on Coinbase.

CORE works on Ethereum Virtual Machine (EVM) Compatible with Layer 1 blockchain CoreChain. The network is unique because it adopts the “Satoshi Plus” consensus mechanism. This mechanism is based on Proof of Work for Bitcoin (PoW) and Ethereum Delegated Proof of Stake (DPoS) A mechanism to address the blockchain dilemma 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 cap, with year-to-date gains of over 265%. This feat is commendable given that there are only three encryption codes (DogwifatPEPE and Arweave) in the top 50 have gained more year-to-date than CORE.

Interestingly, most of CORE's price gains came in the weeks leading up to a decision Bitcoin halving, with the price of cryptocurrencies rising by more than 220% in one week. CORE's interoperability with Bitcoin also gives it an advantage, with the network launching 'CoreBTC', which allows users to plug their BTC tokens into the network, thus tapping into the liquidity found on the mainnet, Bitcoin.

CORE is now trading at $2.2. Schedule: TradingView

Coinbase is on a roll

Coinbase's decision to add CORE to its listing roadmap comes on the heels of its decision Latest list of XRP And BONK to its customers in New York. The cryptocurrency exchange's decision to re-list XRP undoubtedly raised eyebrows, considering that it delisted the cryptocurrency token in 2021, shortly after… Legal battle between the Securities and Exchange Commission (SEC) And it began to ripple.

Meanwhile, the BONK listing has caused many in the cryptocurrency community to wonder when the cryptocurrency exchange will list memecoins as well. Dujoyvat, and Bibi. Coinbase's reluctance to list these two meme coins still comes as a surprise, given that they are the fourth and third largest meme coins by market cap, respectively.

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Meanwhile, Coinbase International Exchange also Recently announced It will add support for Bonk, FLOKI, and Shiba Inu Perpetual futures contracts on its platform and Coinbase Advanced. The platform added that trading will officially begin on May 30. Coinbase Derivatives also recently launched futures contracts for The most important meme coin, Dogecoin.

Featured image from NBC News, chart from TradingView

The post Why Did CORE Price Surge 20% While The Crypto Market Dumped? first appeared on Investorempires.com.

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