Coinbase Triggers Rallies for Two Altcoins After Suprise Listing Announcement

Two altcoins are surging after a sudden listing announcement from top US crypto exchange Coinbase.

In a new announcement, Coinbase says the exchange is listing managing blockchain-based supply chain project VeChain (VET) and its associated token VeThor (VTHO) for trading.

VET spiked from its Monday low of $0.0146 to a high of $0.0165 Tuesday hours after Coinbase’s announcement, a 13% increase. The coin is trading for $0.0163 at time of writing.

VeThor also rallied from Monday’s low of $0.000857 to a high of $0.00115 on Wednesday, a more than 34% increase. The token has retraced to $0.00107 at time of writing.

Trading of the two altcoins on Coinbase officially launched Wednesday.

The VeChain platform uses its blockchain to assist in managing supply chains by tracing products and preventing counterfeits. The network operates using a “Proof-of-Authenticity” (PoA) consensus mechanism.

VeChain has partnerships with major companies, including Walmart China, BMW and Sam’s Club.

The project uses two tokens, VET and VTHO. VET is the utility token and VTHO is the token for payment and incentives.

Vechain tells its 584,300 followers on the social media platform X that the Coinbase listing will help increase network development.

“As well as offering a secure and trusted custodian for both institutions and individuals, this listing makes accessing and building infrastructure on Vechain much more streamlined for our many professional partners.

There is more to come from this unfolding development, and we greatly look forward to kicking off future phases with the Coinbase team. We continue the march to mass adoption.”

Featured Image: Shutterstock/Yurchanka Siarhei