It’s been a rollercoaster week for ANKR. The decentralized finance (DeFi) project saw its token skyrocket in value after being listed on Coinbase, only to lose most of those gains just a few days later.
The drama started on May 19, when Coinbase announced that it was adding ANKR to its platform. This was big news for the project, which had only launched a few months earlier.
The listing caused the price of ANKR to surge by over 100%, from $0.20 to $0.
41. This was the highest price the token had ever reached.
However, the gains didn’t last long. Just two days after being listed on Coinbase, the price of ANKR had fallen back down to $0.
NOTE: Warning: There is no definitive answer as to what happened to ANKR on Coinbase. Speculation is ongoing, and users should exercise caution when investing in or trading ANKR on Coinbase. Any investment made carries a risk of financial loss, and users should ensure they understand the risks associated with any investment before making a decision.
20. That’s a loss of over 50% in just 48 hours.
So what happened?
It seems that the main reason for the price drop was that ANKR was not actually listed on Coinbase Pro, which is the exchange’s platform for professional traders. This meant that there wasn’t as much demand for the token as there could have been.
Another factor may have been that ANKR was already available on other exchanges before being listed on Coinbase. This meant that many people who wanted to buy the token already had it and didn’t need to buy it again on Coinbase.
Whatever the reason, it’s clear that the listing on Coinbase didn’t have the positive effect that ANKR was hoping for. The good news is that the project is still young and has plenty of time to recover from this setback.
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