Altcoin Soars After Coinbase Listing, Defying Gravity and Low Market Cap
A lesser-known layer-1 altcoin that recently underwent a rebranding has seen a surge in value following a sudden show of support from leading U.S.-based crypto exchange platform Coinbase.
According to a recent statement from Coinbase Assets, the platform will now be facilitating trading for Gravity (G), previously known as Galxe, a smart contract platform built on Ethereum’s interoperable framework.
“Trading is set to commence on August 13, 2024, around 12PM ET, subject to liquidity requirements. Once a sufficient volume of this asset is established, trading on our G-USD pair will roll out gradually,” the announcement stated.
The news of this listing prompted a significant rise in the digital asset’s value, with G climbing from a low of $0.0378 earlier in the day to a peak of $0.0411, marking an increase of approximately 8%. As of the latest update, G has stabilized and is currently trading at $0.0398.
Earlier this month, Coinbase included G in its listing roadmap, which was developed in 2022 to enhance transparency and deter front-running of assets.
Having recently rebranded in July with backing from Binance and Crypto.com, G is focused on streamlining cross-chain transactions to enhance their security and efficiency.
The project’s developers have outlined plans to implement cutting-edge technologies such as zero-knowledge proofs, novel consensus mechanisms, and a staking-driven architecture within their blockchain framework.
Coinbase also expanded its support to include two other multi-chain altcoins last week – ZetaChain and Across Protocol. This move resulted in price surges for both tokens at the time.
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