When a Coinbase tweet inadvertently pumped the value of 0xproject by 40%.
Today popular cryptocurrency exchange Coinbase announced that it would be supporting the Ethereum ERC20 technical standard (i.e. the token protocol which underpins the majority of ICOs); however they never announced which coins / tokens would be supported.
Despite this, Twitter quickly “worked out” which asset would most likely be listed, inadvertently increasing it’s value by 40% in a matter of minutes.
19:58: Coinbase posts the tweet
5 mins later: Tweets mentioning ‘$ZRX’ explode into life
But why does the number of tweets mentioning the 0xproject increase shortly after this post? After all, Coinbase’s tweet never mentions the 0xproject. Well, it’s probably because 0x has a number of Coinbase advisors on its board:
What’s most interesting, is the speed at which Twitter correlates 0x with Coinbase supporting the new token:
1 hour later: 0xproject tops out at $0.73 (+40%)
This article was collated by Scoop Markets.
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