The price spike of 0x (ZRX) right after being listed on the main Coinbase page put the token near the top of the list based on market capitalization, second only to Binance Coin (BNB). But 0x has proven itself as being one of the most valuable post-ICO tokens.
The ZRX asset shares the top with some of the more respectable Ethereum-based projects, and is becoming one of the real-world applications of the blockchain. The 0x project is instrumental to some of the more prominent decentralized exchanges.
Coinbase already carries around 4.5% of all ZRX trading volumes, while the token is still highly dependent on Binance volumes. This is the reason why ZRX went ahead of the curve and rose, even though Coinbase adoption is still rather slim.
ZRX peaked around $1.07, while rising above $1.30 at one point. Later, the token slid toward $0.93. A listing on Coinbase will not guarantee a constantly rising price, as it was seen from the addition of other assets. In the case of Ethereum Classic (ETC), the price even slid under $10. The expectations and run-up to the listing have been mostly discounted in the price.
Additionally, ZRX is getting listed during a time when Coinbase sees decreasing customer numbers, and the market is still uncertain of the direction to be taken. While ZRX is the lowest-priced asset, the hunger for tokens may be limited.
Skeptics also point out that the 0x protocol lists as advisors several persons openly related to Coinbase:
In the past, coin addition has been linked to team members working to push their project. This is the story of the listing of Litecoin (LTC), where Charlie Lee proposed the coin after leaving Coinbase in his role as director of engineering.
Still, the listing on Coinbase has lifted enthusiasm for ZRX, suggesting a bull run fueled by renewed retail investment may be in the making in the coming days.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.