Crypto exchange Coinbase has triggered a massive rally in one low-cap Ethereum-based altcoin after giving sudden support for the project.
Coinbase announced via Twitter that the exchange is now supporting 00 Token (POOLS) on the Ethereum network.
00 Token is the governance token behind the zerozero DAO (decentralized autonomous organization) project, a decentralized community for creator social tokens.
00 is an ERC-20 token for the P00LS ecosystem and decentralized exchange (DEX), which supports the distribution and trading of social tokens. 00 can also be used for governance and to access certain features on P00Ls.
Soccer legend Ronaldinho recently launched his own social token RON on the P00LS platform, and besides athletes, the project targets artists, musicians, influencers, curators, tastemakers and brands, according to the whitepaper.
After launching on Coinbase, 00 Token exploded from the $0.37 mark all the way to $1.66 in a matter of hours, representing 348% gains.
00 has cooled down, but has held on to most of its gains. At time of writing, 00 is currently trading for $1.12, up 202% in the past 24 hours. According to CoinMarketCap, 00 Token has a market cap of just over $38 million at current prices, and has seen about $18 million in 24-hour volume.
The Ethereum-based altcoin is listed with Coinbase’s Experimental label, which the exchange adds to newer projects with lower liquidity and higher risk.
Earlier this year, Coinbase CEO Brian Armstrong said that the exchange aims to eventually support as many tokens as possible as long as they meet basic safety standards.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are…
My belief is there’s gonna be millions of these assets over time, and so I hope it doesn’t make news every time we add one in the future, basically.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jolygon/Panuwatccn