Leading crypto exchange Coinbase has announced it would add support for two new Solana-based tokens, io.net and Degen.
Coinbase, the largest US-based crypto trading platform by trading volume, revealed late Tuesday that it has added the tokens to its listing roadmap. As a result, its users will soon be able to trade the tokens.
Coinbase to List io.net an Degen
Per the announcement, io.net’s IO token will soon debut on the Coinbase platform for trading. The Solana-based Decentralized Physical Infrastructure Network (DePIN) token is a native coin of the io.net blockchain.
Launched in June, the protocol attracted Binance, debuting as the 55th token on the exchange’s launchpad. The io.net is a decentralized AI computing network powered by the IO token. The platform offers networks access to distributed clusters by aggregating graphics processing units (GPUs) across multiple storage providers.
Meanwhile, Degen is a memecoin based on the Base network, an Ethereum sidechain. The ERC-20 token launched in January after its developers airdropped 15% of its 36 billion total supply to active Farcaster’s Degen channel members.
Tokens React Differently Upon Coinbase Announcement
The two tokens reacted differently following Coinbase’s announcement, with one surging extensively and the other plummeting.
DEGEN pulled a classic memecoin surge in 24 hours, pumping over 140% to $0.0112. The token surged to a high of $0.0119 before relinquishing some of its gains to the market drop. Notably, DEGEN is among the top gainers on Binance and Bybit in the past 24 hours.
Conversely, IO has dumped 14% in the past day despite the bullish sentiment around the ecosystem. The coin fell below the $2 psychological mark, trading at $1.81 at the time of writing.
This disparity drew comments from the crypto community, with a user calling the scenario a classic memecoin vs. utility project drama.
It bears mentioning that despite the DEGEN surge, it is down over 85% from its all-time high. The memecoin surged to $0.06459 in March following trader traction towards the Base token.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
