Home » The Coinbase effect? SOL takes +21% after platform adds two Solana-linked tokens

The Coinbase effect? SOL takes +21% after platform adds two Solana-linked tokens

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Solana’s SOL price has just taken +21% over the past 24 hours, as Coinbase added two crypto-currencies linked to the ecosystem. It’s a confirmation that the exchange platform is starting to turn its eye towards SPL tokens.

Coinbase adds two tokens from the Solana ecosystem

Ethereum has its ERC-20, Solana has its SPL tokens. And Coinbase intends to start listing these crypto-currencies, which are part of the wider Solana ecosystem. Rumours have been circulating for a few days, and the exchange platform confirmed it yesterday.

Tokens for the Bonfida (FIDA) and Orca (ORCA) projects can now be deposited on Coinbase. Exchanges will be released today, if liquidity requirements are met. Bonfida and Orca are two decentralised exchange platforms running on Solana.

Notably, the addition has not particularly impacted FIDA, which is posting -0.7% over the past 24 hours. This is not the case for ORCA, however, which is up 27% over the same period.

SOL price jumps

Coinbase’s addition of these two Solana ecosystem tokens may have had a broader effect on the blockchain’s native cryptocurrency. SOL is indeed taking +21% in the space of 24 hours:

SOL price movement since yesterday (Source TradingView, SOL/USDT)

SOL price movement since yesterday (Source TradingView, SOL/USDT)


Its capitalization is now over $33 billion, ahead of Ripple’s XRP which is worth $29 billion.

However, we note that other altcoins in the top 10 are also doing well: Terra’s LUNA has jumped +16% since yesterday, and Polkadot’s DOT is posting +10%. Altcoins as a whole are generally in the green at the start of the week, with Bitcoin (BTC) up +3%. Coinbase effect or not, what is certain is that Solana and its ecosystem are in good shape.

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