An Ethereum (ETH)-based altcoin project has quietly outperformed the markets with a parabolic rally following a nod of approval from top US crypto exchange Coinbase.
Coinbase says Magic (MAGIC) is now on its listing roadmap, which the exchange created as a way to promote transparency and prevent insider trading on its listings.
MAGIC is the token that powers Treasure DAO, a project that aims to be a decentralized video game console that incorporates games and non-fungible tokens (NFTs). Treasure DAO’s infrastructure includes Trove, an NFT market place on Ethereum scaling solution Arbitrum, and a competitive gaming platform called Bridgeworld.
MAGIC has a market cap of just over $100 million, and has witnessed an enormous rally over the last several days.
After hitting a local low of $0.23 on November 22nd, MAGIC consolidated for about a week before Coinbase made the announcement to put the altcoin on its listing roadmap.
MAGIC quickly rallied all the way to $0.62, a 169% rally from November’s low and a 138% rally after Coinbase’s announcement.
At time of writing, MAGIC is trading for $0.53.
Coinbase has not officially listed MAGIC yet, and assets placed on the exchange’s listing roadmap don’t necessarily end up getting full support.
The US’ top crypto exchange put MAGIC on its roadmap at the same as decentralized governance platform Aragorn (ANT) and Ethereum staking pool Rocket Pool (RPL).
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Featured Image: Shutterstock/Salamahin/Mia Stendal