On Monday, May 10th, Dfinity Foundation’s governance protocol,’s native token, Internet Computer ($ICP) listed on Coinbase. Though the Coinbase listing was the most prominent of the day, both Binance, and Huobi happened to list the token on their respective platforms – putting wind in the sails of the Coinbase effect. The near-simultaneous listing of ICP propelled the asset’s price up +1400%.
Dfinity Foundation‘s Internet Computer token ($ICP) got it’s day in the sun this past Monday, rallying %1455 – according to Huobi Charts – from a listing price of $100, to a high of $1455. The token scaled these price highs within the same day, before running out of steam, descending sharply, and closing at $311.
The near-legendary Coinbase Effect may have played into the token’s unpersedented run. Listings, on the same day, by rival digital asset exchange platforms, Huobi, and Binance – which took place.
Huobi listed the token at 16:40 UCT, 40 minutes after Coinbase had opened trading on the token. Binance followed suit, listing the token at midnight. There’s no way of telling – from this side of the table – whether, or not, the move closely-timed listings were coincidental, or indicative of the two Asia-founded exchanges scrambling to take advantage of the Coinbase Effect.
If so, that would be a sign of nefarious market activity. What is unclear is how the two Exchanges could have scrambled their teams , in order to get the listing done that rapidly. It’s not like $ICP token’s fundamentals aren’t anything to write home about, either.
