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The cryptocurrency market is facing challenging times as Federal Reserve announcements maintain their hawkish tone, bringing the inflation impact of tariffs into the spotlight. Last week’s Producer Price Index (PPI) data further accentuates this concern. Amidst these challenges, Coinbase, the largest cryptocurrency exchange in the U.S. by volume, continues to share new altcoin listing announcements.
With trading volumes on exchanges showing signs of recovery, Coinbase aims to strengthen its revenue by offering a wider range of alternatives to investors. This approach also supports the funding and growth of new projects. However, there’s ongoing debate about how many projects effectively allocate significant budgets for their development.
Coinbase has announced plans to list a project from its own layer2 solution, the BASE network. Initially launched as an Ethereum scaling solution and without issuing its own token, BASE has made significant strides in metrics such as active users, network revenues, and Total Value Locked (TVL). Naturally, Coinbase supports its development, exemplified by the listing of Sapien (SAPIEN), an initiative from within its ecosystem.
Despite not issuing its own token, the BASE network hosts numerous tokens available for trading. The network is particularly popular for meme coins due to its low transaction fees.
Although a very new altcoin, Sapien launched with a market cap of $42 million, making a strong entry. Despite currently being 30% below its daily market cap peak, its recent listings on other exchanges make this decline unsurprising. For a newly listed altcoin, such price variations are typical as it gains stability.
Closing above $0.18 indicates a bullish momentum, establishing this region as robust support for price growth. Benefits include Binance Alpha’s backing, Coinbase’s listing announcement on launch day, and the coin’s involvement in artificial intelligence.
As AI tokens rapidly gain hype, it’s noted that many might not aim for substantial technological development. The AI sector demands significant capital for product development. What is Sapien’s role? It produces AI training data called the Proof of Quality system across 100 countries, providing AI developers with reliable, human-curated data. The success of this endeavor remains to be seen.
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By COINTURK NEWS
about 8 hours ago
