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Coinbase Effect Strikes Again! But Listing Standards Spark Controversy, Netizens Criticize Harshly: "Can Trash Turn into Gold?"

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Coinbase Effect Strikes Again! But Listing Standards Spark Controversy, Netizens Criticize Harshly: "Can Trash Turn into Gold?"

The largest cryptocurrency exchange in the United States, Coinbase, announced today that it has listed three tokens, Civic (CVC), Decentraland (MANA), and district0x (DNT) on Coinbase.com, aiming to promote them as the top performing altcoins in the last 24 hours.

Coinbase Announces Listing of Three Tokens

The largest U.S. cryptocurrency exchange, Coinbase, announced today the listing of three tokens on Coinbase.com. These tokens are the decentralized identity verification project Civic (CVC), the virtual reality gaming platform Decentraland (MANA), and the decentralized marketplace and community network district0x (DNT). Both CVC and MANA are available in all regions supported by Coinbase, while DNT is not available for trading in the state of New York.

These three cryptocurrencies are all based on the Ethereum ERC-20 token standard. Since 2018, these tokens have been listed on Coinbase Pro, and to meet the demand for diversified assets from users, Coinbase has decided to list them on the retail exchange (Coinbase.com).

Although DNT is not available for trading for investors in New York, it saw the highest increase in value after the announcement. At the time of writing, DNT's value surged over 340%, while MANA and CVC increased by 30% and 59% respectively.

Source: TradingView

Coinbase Expands Token Listings

Coinbase has been actively adding new cryptocurrencies this year. In June and July, the exchange announced a series of potential listings, some of which have already been added and caused notable price spikes upon announcement. Coinbase's custody service provider, Coinbase Custody, is also exploring more new cryptocurrencies.

According to reports, Coinbase previously stated in an article that when evaluating ERC-20 token listings, they conduct four security checks, including verifying the source code, using industry-standard libraries, having limited privileged roles, and a simple, modular design.

However, the latest token listings seem to have received mixed reactions, with many netizens mocking Coinbase's announcement:

"CVC is still around?"

"Coinbase got hacked!"

"Coinbase rushing to list these garbage tokens before other exchanges delist them"

Even Larry Cermak, Director of Research at The Block, commented below a tweet:

"LOLOLOLOLOLOLOLOL Is this a joke?"

It was found after an investigation that the founder of district0x (DNT) had previously worked at Coinbase, and looking at the market value and popularity of the token, this may have been one of the main reasons for the token's listing on Coinbase.