Coinbase exploration report leads to over 100% price gains for MITX, KROM and BDP

United States-based cryptocurrency exchange Coinbase sent waves across the cryptocurrency ecosystem on April 11 when it released a list of 50 crypto assets that were under consideration for listing in the second quarter of 2022 in a bid to increase the transparency of its listing process. 

Responses to the release were mixed and led to some allegations of insider trading by crypto sleuths, while a majority of crypto traders took a deeper dive into the list in an attempt to discover diamonds in the rough.

Following a week’s worth of trading that saw many of the tokens on the list experience pump-and-dumps, the dust is beginning to settle to reveal Morpheus Labs (MITX), Kromatika (KROM) and Big Data Protocol (BDP) as the top three gainers from the Coinbase announcement.

Morpheus Labs

Morpheus Labs (MITX) is a project that offers an extensive blockchain development toolbox designed to simplify the process of decentralized application (DApp) development across a variety of networks and programming languages.

Data from Cointelegraph Markets Pro and TradingView shows that, following the Coinbase announcement, the price of MITX skyrocketed 185% from a low of $0.014 to a daily high of $0.04 on April 15.

In addition to the Coinbase announcement, the protocol has seen positive news flow tied to its so-called nonfungible token (NFT) launcher, as well as the launches of the Morpheus Labs launchpad and SEED developer portal.

Kromatika

Kromatika Finance is a decentralized crypto trading protocol that offers users a zero swap fee trading environment that eliminates front-running bots and prevents price slippage.

Data from CoinGecko shows that on April 9, KROM was trading at a price of $0.0525 before rallying 145% to a high of $0.13 on April 12. The token is currently trading at $0.11.

Developments that are helping to boost the outlook for KROM include the launch of Kromatika v2, which is scheduled for April 20, and the possibility of being added to the Arbitrum Odyssey project.

Related: Leading centralized exchanges extend market share in 2022

Big Data Protocol

Big Data Protocol is a decentralized finance (DeFi) project focused on the creation of a liquid marketplace for commercially valuable data that is sourced from professional data providers.

Data from TradingView shows that the price of BDP catapulted 204% from a low of $0.058 on April 11 to a high of $0.177 immediately following the Coinbase announcement. It has since retraced to $0.128, resulting in a net gain of 121%.

The bullish move higher for BDP has been sustained due to several notable developments for the protocol including integration with Fortune 500 company Intercontinental Exchange and partnerships with MetaGameHub DAO and Securities Quote Xchange.

The overall cryptocurrency market cap now stands at $1.875 trillion and Bitcoin’s dominance rate is 40.9%.

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