Coinbase Listing and Parachain Progress Boost Polkadot 16%

[Galaxy]

The eighth-largest cryptocurrency by market capitalization has enjoyed a hefty boost after Coinbase Pro announced it would list Polkadot’s DOT token on the exchange. The American cryptocurrency exchange Coinbase will soon begin trading DOT, the native token for Polkadot. A blog post reported that inbound transfers have already begun, and trading would kick off on June 16.

DOT has since risen by more than 16%, thanks to what is commonly called the “Coinbase effect.” In a report from Messari, an analysis outlet, the average returns five days after a token listing on Coinbase is 91%. Source