A listing on Coinbase Pro and a new feature added to Binance helped the price of a little-known cryptocurrency, IoTeX (IOTX) surge over 450% in a week, going from $0.02 to over $0.11 at press time.
As Benzinga first reported, the price of IoTex started surging after being listed on the professional trading platform of the Nasdaq-listed cryptocurrency exchange Coinbase. In a tweet, Coinbase Pro revealed it added numerous IOTX trading pairs, including against fiat currencies.
After being listed on Coinbase, several cryptocurrencies have been known to benefit from what has since been dubbed the “Coinbase effect,” which sees the price of listed assets surge over the liquidity boost the exchange gives them.
While several other tokens were also listed on Coinbase over the last few weeks, IoTeX stands out as its price skyrocketed partly thanks to the listing. In an update, the team behind the project revealed that last month there was an increase of over 600% in the number of new wallets on the network.
Further supporting its price rise was another tweet, from IoTeX, revealing Binance was launching IOTX perpetual contracts with up 25x leverage. In the tweet, the team specifically mentioned it was “excited to partner with Binance and introduce IOTX to the global derivatives trading community.”
IoTeX, it’s worth noting, aims to create an open ecosystem where people and machines connected to the internet can freely interact with properly aligned economic incentives. The project leverages blockchain technology to secure the so-called internet of things (IoT).
The project has built an Ethereum Virtual Machine-compatible blockchain from scratch using an innovative consensus mechanism called Roll-DPoS. The network has been running with over 100 validators throughout the world and processed over 10 million transactions.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay
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