Bittime - The price of the DRIFT token of the Drift Protocol platform jumped more than 23% in the last 24 hours. This unexpected price increase occurred after news that Coinbase, a well-known crypto trading platform in the United States, plans to list DRIFT.
Why is DRIFT Price Rising?
This significant increase in the price of DRIFT was triggered by the news that Coinbase Exchange will soon add DRIFT for trading.
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Coinbase stated it would provide support for the DRIFT token running on the Solana network (SPL Token). Currently, DRIFT transfers to the Coinbase platform are open to users in supported regions.
Also read: Drift Opens Airdrop Claims Worth 120 Million DRIFT Tokens!
Even though the listing plan has been announced, Coinbase stated that DRIFT trading cannot yet take place. New trading will start later if liquidity conditions (number of tokens traded) are optimal.
They plan to open trading on the DRIFT/USD pair gradually if conditions permit. Coinbase has also published DRIFT contract addresses to protect its users from fraud.
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Being listed on a top crypto trading platform like Coinbase is generally considered good news and a price driver for a crypto project. Therefore, it is not surprising that DRIFT price spiked after the announcement.
Also read: Coinbase Plans to Add New Crypto Asset Drift Protocol (DRIFT) to Listing List
Why Did Coinbase List DRIFT?
Despite plans to list DRIFT, Coinbase labeled it “Experimental”. This is usually done by Coinbase to protect its users and provide a warning that the project is still new. In response to this news, DRIFT trading volume soared to above $41 million.
Coinbase's decision to list Drift Protocol can be considered a bold move. The reason is, this protocol runs on the Solana network which is known to be fast and has a drift ecosystem. DeFi (Decentralized Finance) which is growing rapidly.
Drift Protocol offers an important solution on the Solana network, namely on-chain trading (directly on the blockchain) with up to 20x leverage. This platform also provides cross-margin and multi-collateral features to make it easier for its users.
With so many exchanges on Solana, only a few offer as comprehensive features as Drift Protocol, so it makes sense that they have support from Coinbase.
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Coinbase's listing of Drift Protocol amidst the uncertainty of crypto regulations in the United States could be seen as a big bet.
However, with the utility offered, Coinbase seems to admit that DRIFT does not fall into the category of securities according to the SEC classification (the United States financial regulatory body).
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
About DRIFT Airdrop: Who is it for, Token Allocation, and the Impact on SHIB Price
Solana DEX Drift Ready to Distribute 100 Million Tokens to Users, Here Are the Conditions
Backpack Launches Trading Spot Drift Protocol, a New Innovation in the Solana Ecosystem
About DRIFT Airdrop: Who is it for, Token Allocation, and the Impact on SHIB Price
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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