Ethereum network token fires 300% one day after listing on Coinbase Pro

The IoTeX (IOTX), the Ethereum network token that feeds the IoTeX platform, soared 300% in the last 24 hours, jumping from US$ 0.030 to US$ 0.121 this Wednesday morning (11). The data is from CoinMarketCap.

Around 10:30 am, the digital asset had a slight retreat and dropped to US$ 0.095, but the price is still 200% higher than that registered the day before.

The meteoric blast came a day after Coinbase Pro, the US broker’s trading platform, announced the listing of the token.

The availability of a new asset on the exchange usually causes a price increase, a behavior known in the market as the “Coinbase Effect”.

IOTX negotiations, according to information provided by the company, will be released from 1:00 pm on this Wednesday (Brasilia time).

Currency Chart (Source: CoinMarketCap)

What Ethereum token is this?

IOTX, released in 2018, is an Ethereum token that powers IoTeX, a blockchain that aims to connect IoT devices (such as cameras and sensors) and decentralized applications.

“Our mission is to enable a borderless ecosystem where humans and machines can interact with guaranteed trust, free will and privacy,” says the project on its institutional website.

With the boom generated by the entry into the brokerage, the capitalization of the digital asset reached US$971 million this Wednesday, an amount similar to that of cryptocurrencies known in the market, such as yearn.finance (YFI) and Basic Attention Token (BAT) .

More tokens listed

In addition to IOTX, Coinbase Pro also listed yesterday the Ethereum Orion Protocol (ORN), Quickswap (QUICK), Tribe (TRIBE) and TerraUSD (UST) tokens.

The ORN has gained 20% in the last 24 hours and is trading at $10.76, while the Quick jumped 12% and is now worth $615.

The TRIBE rose 18% and is quoted at US$0.82. Finally, the UST had a slight increase of 0.3% and its price became US$ 1.