Following Coinbase’s announcement on 11 April to list over 50 assets made up of 45 ERC-20 tokens and 5 Solana Program Library tokens on its exchange and the ensuing allegations of insider that followed, the prices of some of these tokens have shot up due to an upward trend. One of such token is the KROM token which has recorded over a 100% gain in its price.
What’s KROM?
KROM represents the digital token issued by Kromatika Finance, a decentralized exchange (DEX) for trading crypto with its selling point being zero swap fees, elimination of front-running bots and its ability to prevent price slippage.
Following Coinbase’s announcement of 11 April, a look at price charts revealed a spike in price for the token. Prior to the announcement, the token was trading at a price of $0.0525 on 10 April. However, at the time of this press, the price for the token has rallied up 119% to a high of $0.1150. This represents a 56.8% decline from an ATH of $0.2659 which it recorded last November.
Source: Coingecko
Prior to the announcement , on-chain analysis for the token revealed that as at 10 April, the market cap for the token was $4,905,078. However, at the time of this press, the market cap for the token was around $9,472,656. This represents a 93% spike in market capitalization suggesting an inflow of money into the token.
Similarly at the time of writing, the trading volume for the digital token stood at $724,922, a 370% increase from figures of $154,263 recorded prior to the announcement on 10 April. This likewise, is an indication of heavy on-going trading activity of the token.
Source: Coingecko
The Launch of Kromatika v2
Besides the intended listing on Coinbase, the spike in price for the KROM token can also be attributed to the intended launch of its Kromatika v2 which is scheduled for 20 April and a potential listing on the Arbitrum Odyssey project.
With the launch of Kromatika v2, Kromatika Finance intends to float a decentralized aggregator known as MetaDEX aggregator which will assist users of the exchange to aggregate swap liquidity from multiple sources. All of these announcements in the past week can be heavily attributed to why the token has recorded an upward trend in price in the last few days.
MITX and BDP among tokens that recorded gains
Apart from the KROM Token, other tokens that have recorded significant gains following Coinbase’s announcements are the Big Data Protocol ($BDP) and the Morpheus Labs ($MITX) tokens. Following Coinbase’s announcement, $BDP experienced a significant rise in price from a low of around $0.0674 to a high of $0.1313 as at the time of this press.
This represents a 95% increase in the price of the token. Similarly, at the time of this press, $MITX has also recorded a 121% hike in price from a low of $0.0149 on 10 April to a high of $0.0329.
Source: https://ambcrypto.com/krom-despite-insider-trading-charges-how-this-coin-managed-to-double-under-a-week/