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.
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.
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