Crypto exchange giant Coinbase made waves in the market on Wednesday with key announcements regarding ZKsync (ZK) and Moonwell (WELL) tokens. The leading centralized exchange (CEX) revealed enhanced trading support for the two tokens, igniting a surge in trading volumes and sparking optimism among market watchers globally. As a result, ZKsync and Moonwell have drawn significant attention from traders, as both tokens experienced substantial increases in activity.
Coinbase Expands Trading Support For ZKsync And Moonwell
On September 25, Coinbase took to X (formerly Twitter) to announce its latest moves concerning ZKsync and Moonwell. The CEX revealed that it had begun auction mode for the WELL-USD trading pair, gradually rolling it out into full trading mode by press time. Similarly, ZKsync has been introduced into auction mode, with limit-only mode following soon after, and full trading expected to commence shortly.
This development has generated a buzz across the crypto market, with investors closely monitoring both tokens. Coinbase’s previous expansions of trading support for tokens often precede price surges, a pattern that market enthusiasts expect to continue with ZKsync and Moonwell.
Positive Market Reactions
The market has responded positively to Coinbase’s announcements. ZKsync saw a sharp price increase of over 10% at the time of writing, reaching $0.1352. The token’s intraday low and high were recorded at $0.1235 and $0.1369, respectively, as its weekly gains surged to an impressive 25%. This upward momentum follows closely on the heels of Coinbase’s extended support for ZKsync, signaling growing confidence in the token’s potential.
Moonwell, however, presented a more mixed picture. Despite seeing its price fall by 3% to $0.02965, the token’s 24-hour trading volume jumped by 6%, reflecting heightened market activity. The coin’s daily low and high stood at $0.0286 and $0.03067, respectively. This increase in volume has led to speculation among traders, with many wondering whether Moonwell’s price will eventually catch up with its trading activity.
Wider Market Trends
The positive sentiment around Coinbase’s recent actions isn’t limited to ZKsync and Moonwell. Other tokens, such as Zetachain (ZETA), have also experienced price spikes following the CEX’s expansion of trading support. This broader market reaction suggests that Coinbase’s moves are having a ripple effect, potentially boosting several digital assets as it widens access to new trading pairs.
The announcement has undoubtedly sparked optimism among investors. As trading volumes for both ZKsync and Moonwell continue to rise, market watchers are closely following the tokens’ performance. ZKsync’s strong weekly gains may signal further growth, while Moonwell’s increased activity hints at a potential price rally in the near future.
Looking ahead, traders are speculating whether Coinbase’s expansion of support will translate into lasting gains for these tokens. Historically, Coinbase’s influence on token prices has been significant, and this latest move may be another indicator of future price increases.
Coinbase’s decision to enhance trading support for ZKsync and Moonwell has stirred excitement within the crypto community. As trading volumes surge and investor interest grows, the future performance of these tokens will be closely watched. With ZKsync already posting impressive gains and Moonwell’s trading activity on the rise, market enthusiasts are eager to see how these assets will perform in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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