After receiving the seal of approval from leading U.S. cryptocurrency exchange Coinbase, an Ethereum (ETH)-based altcoin project quietly outperformed the markets with a parabolic rally.
For reasons of openness and to discourage insider trading, cryptocurrency exchange Coinbase has announced that Magic (MAGIC) has been added to its listing roadmap.
Treasure DAO, which aims to be a decentralized video game console that incorporates games and non-fungible tokens, is powered by the MAGIC token (NFTs). The Trove NFT marketplace built on the Ethereum scaling solution Arbitrum and the Bridgeworld competitive gaming platform make up the backbone of Treasure DAO.
There has been a huge uptick in MAGIC’s price over the past few days, increasing its market cap to just over $100 million.
The cryptocurrency MAGIC stabilized for about a week after hitting a local low of $0.23 on November 22nd, before Coinbase announced it would add the altcoin to its listing roadmap.
From its low in November, MAGIC has gained 169% to its current price of $0.62, with 138% of that gain occurring since Coinbase’s announcement.
MAGIC is currently trading at $0.53 per token.
Coinbase has not yet added MAGIC to its supported tokens list, and not all assets that are added to the exchange’s listing roadmap actually end up being listed.
At the same time that Aragorn (ANT) and Rocket Pool (an Ethereum staking pool) was added to the roadmap of the top cryptocurrency exchange in the United States, MAGIC was also included (RPL).