Following the news, all four altcoins subsequently experienced what’s often referred to as the Coinbase bump, which is when a crypto asset significantly spikes in price after being placed on the US top exchange.
At the time of writing, ENJ has launched into a 65% rally over the last 24 hours, leaping from $2.13 before the announcement, to currently sitting at $3.42 at the time of writing according to CoinGecko.
At the time of writing, NKN is up 45% in the last 24 hours after already witnessing a parabolic 566% explosion in the last 7 days.
Three of the four new cryptos on Coinbase are Ethereum-based tokens (ENJ, 1INCH, and OGN). ENJ is used for backing the value of NFTs on the Enjin ecosystem. 1INCH is the token that powers the 1inch platform, which is a decentralized exchange (DEX) aggregator that works out the best crypto prices across numerous DEXes. OGN is the native token of the Origin platform which aims to power decentralized peer-to-peer marketplaces.
NKN (New Kind of Network) is a public blockchain that uses economic incentives “motivate internet users to share network connections and utilize unused bandwidth.” NKN opened March 2021 at $0.04, and has rocketed up to $1.23 at the time of writing barely a month later.
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