Request Network Token Up 314% in Week Amid Coinbase Listing

Aug 14, 2021 | Decrypt News | 0 comments

request-network-token-up-314%-in-week-amid-coinbase-listing

Payments platform Request Network’s token Request (REQ) is up ​​314% in the past seven days. It currently trades for $0.27.

Launched in 2017, Request Network lets users send, receive and fulfill invoices on decentralized networks. Businesses that accept crypto can invoice their clients through the automated platform, just like corporations do in the non-crypto world.

Its utility token, REQ, powers the network. The token has followed the listing process of every aspiring cryptocurrency: it traded on DeFi protocols like Uniswap first, then lesser-known centralized exchanges, and finally big shots like Coinbase.

Some of REQ’s sudden surge follows its listing on popular cryptocurrency exchange Coinbase yesterday. Once a coin is lined up for listing on Coinbase, its price often goes skyward; the recurring phenomenon is known as the “Coinbase Effect”.

The effect was first observed in 2017 after the prices of Bitcoin hard-forks Bitcoin Cash and Litecoin doubled following their listings on Coinbase. The effect is a dud when Coinbase lists a coin during bearish markets, as Dogecoin experienced two months ago when its price barely moved upon its listing.

REQ’s down 20% since yesterday, which indicates large sell-offs after the listing—perhaps a case of “buy the rumor, sell the news.” However, REQ’s price is up a hearty 442% over the past month.

The “Coinbase Effect” is back with a bang

Launched in October 2017, REQ has a maximum supply of 999,983,984 and burns tokens whenever it’s used for e-invoicing. The network charges up to 10 cents for payment requests and burns an equivalent amount of REQ to lower the total supply in circulation.

Yesterday, Coinbase also listed DeFi protocol QuickSwap’s governance token, QUICK. With a market cap of $299 million, the token trades for $826, up 21% since yesterday and 144% in the past seven days. QuickSwap was once one of billionaire investor Mark Cuban’s favorite protocols, though he hasn’t said much about it since he got rug-pulled by a liquidity pool on the protocol (through no fault of QuickSwap).

Axie Infinity Token Up Over 60% Amid Coinbase Listing

Coinbase also added Pokémon-inspired NFT game Axie Infinity’s governance token, AXS, yesterday. The token, which has a market cap of $4 billion, is down 1.3% since yesterday but up 64.3% this week. It now trades for $70. That’s a massive jump from $4.20 on June 21—the token has climbed 1,693% since then to reach an all-time high of $75.73 on August 11.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

News Source from Decrypt.co

Related Articles

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

Non-fungible token (NFT) assets have taken the world by storm in 2021 and three current projects in the NFT universe have seen sales stretch into the billions. Statistics show that the NFT marketplace Opensea, the blockchain NFT game Axie Infinity, and the digital...

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX is moving some key operations from its long-standing headquarters in Hong Kong to the Bahamas.  FTX Ltd. CEO and founder Sam Bankman-Fried tweeted today that the firm is in the process of moving its headquarters to the Bahamas from Hong Kong. The exchange's...

Pin It on Pinterest

Share This