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

CORE, the native token of the layer-1 network CoreChain, has surged over 20% in the last 24 hours. This is a notable price increase, considering the downward trend in the broader crypto market with the prices of other major cap tokens, including Ethereum (ETH) dumping. 

CORE’s price rallied by over 20% following crypto exchange Coinbase’s decision to add the crypto token to its listing ‘Roadmap.’ That means the foremost US crypto exchange plans to list CORE at some point, although it hasn’t disclosed exactly when that will happen. Regardless, this is undoubtedly a positive development for the CORE ecosystem, given the exposure and mass adoption it could gain from being listed on Coinbase. 

CORE runs on the Ethereum Virtual Machine (EVM) compatible layer-1 blockchain CoreChain. The network is unique because it adopts a ‘Satoshi Plus’ consensus mechanism. This mechanism adopts Bitcoin’s proof-of-work (PoW) and Ethereum’s delegated proof-of-stake (DPoS) mechanism to address the blockchain trilemma 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 a year-to-date (YTD) gain of over 265%. This feat is more commendable given that only three crypto tokens (Dogwifhat, PEPE, and Arweave) in the top 50 rankings have made more YTD gains than CORE. 

Interestingly, most of CORE’s price gains came in the weeks leading up to the Bitcoin halving, with the crypto’s price skyrocketing by over 220% in a single week. CORE’s interoperability with Bitcoin also gives it an edge, with the network launching ‘CoreBTC,’ which allows users to bridge their BTC tokens to the network, thereby tapping into the liquidity on the flagship network, Bitcoin. 

Coinbase’s decision to add CORE to its list listing roadmap follows its recent listing of XRP and BONK for its New York customers. The crypto exchange’s decision to relist XRP undoubtedly raised eyebrows, considering it had delisted the crypto token in 2021, shortly after the legal battle between the Securities and Exchange Commission (SEC) and Ripple began. 

Meanwhile, BONK’s listing has caused many in the crypto community to question when the crypto exchange will also list meme coins, Dogwifhat, and PEPE. Coinbase’s hesitation to list these two meme coins continues to be a surprise, given that they are the fourth and third largest meme coins by market cap, respectively.   

Meanwhile, Coinbase International Exchange also recently announced that it will add support for Bonk, FLOKI, and Shiba Inu perpetual futures on its platform and Coinbase Advanced. The platform added that trading will officially begin on May 30th. Coinbase Derivatives also recently launched futures contracts for the foremost meme coin, Dogecoin. 

Featured image from NBC News, chart from TradingView