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In the past, listing and delisting news from cryptocurrency exchanges have stirred the market. Announcements from high-volume exchanges are known to have a greater impact. Binance, Coinbase, and similar exchanges continue to make significant decisions regarding tokens ahead of the anticipated bull season. An important announcement came from Coinbase a few minutes ago.
Coinbase to Support POL
Although Coinbase listings generally lead to price increases, this time it seems different. The exchange announced that it will support the newest member of the Polygon network, the Polygon Ecosystem Token (POL).
The announcement on X was as follows:
Coinbase will add support for Polygon Ecosystem Token (POL) on the Ethereum network (ERC-20 token). Do not send this asset over other networks, or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in regions where trading is supported.
If liquidity conditions are met, trading will begin later today. Once sufficient supply of this asset is established, trading on our POL-USD pairs will be gradually launched. Support for POL may be restricted in some supported jurisdictions. The contract address for Polygon Ecosystem Token (POL) on the Ethereum network (ERC-20 token) is 0x455e53cbb86018ac2b8092fdcd39d8444affc3f6.
Following the news, attention turned to the prices of Polygon network tokens, MATIC and POL.
POL and MATIC Prices
Despite not involving a delisting, the Coinbase announcement led to a price drop. POL’s price dropped by 4.66% in the last 24 hours, settling at $0.3840.
This decline in POL worried investors, as the price remains below all EMA indicators. Despite the price drop, the 24-hour trading volume surged by 461%, reaching $4.8 million.
MATIC also experienced a 4% drop, finding buyers at around $0.383. MATIC’s market cap is $1.8 billion, while its trading volume increased by 45%, surpassing $317 million.
