Vechain, alongside Coinbase, became a topic of chatter on Twitter during the late hours of Wednesday. Many from the community have now started speculating that the 38th ranked crypto would soon be listed on the prominent centralized exchange platform.
The speculation reached its peak when one user uploaded a screenshot of one of Coinbase’s posts on the official website that talked about “How to buy VeChain.” The text highlighted in the snapshot attached, however, doesn’t imply the date and time at which the post was made but instead represents the date and time the screenshot was taken.
The post brought to light that the exchange still did not support the token. It explicitly noted,
“It’s [VeChain] not available on the Coinbase app or Coinbase Wallet.”
The post, nevertheless, went on to highlight how users could procure the token using other means.
David Gokhshtein, the founder of Gokhshtein Media, was one of the speculators.
Did it affect VeChain’s valuation though?
To answer the point, no. VeChain has been following the trend of the broader market for quite some time. It continued on this trajectory even at press time.
Most alts, led by Ethereum, have declined by 1%-6% when compared to a day before. Even VeChain was priced at $0.064 at a 3% loss in the same period.
Things, however, looked optimistic on the macro frame. VeChain’s price was hovering in its demand zone. Over the past week, the coin registered back-to-back green candles. The trend was, nevertheless, broken a couple of days back, with the token registering horizontal movements. VeChain remained in its demand zone, which was a good sign.
When the coin was hovering in the same zone in August last year, it managed to pull off a close to 180% rally in one-and-a-half months.
So now, if the accumulation continues, and VeChain manages to rise above the lower trend of its macro symmetrical triangle, it would be in quite a good position to rally. The said line has acted as a strong support a handful of times over the past year.
Nevertheless, if the broader altcoin market downtrend intensifies, bulls in VeChain’s arena too would capitulate. In effect, there are chances of it stepping out of the demand zone. In such a scenario, VeChain’s price would embark on a downward trajectory thereon.
Besides, if Coinbase indeed ends up listing VeChain, then its price would get the required push and be able to head up north.
In other news
Coinbase, along with other exchanges launched the Crypto Market Integrity Coalition. The founding members of the group that intends on making the overall crypto market a safe space for conducting business include Solidus Labs, Coinbase, Huobi Tech, Circle, GSR, and Anchorage Digital among others. Jointly, they also aim to eradicate practices of market abuse and manipulation.
The launch of the CMIC is “an industry-defining pledge focused on cultivating a fair digital asset marketplace to combat market abuse and manipulation and promote public and regulatory confidence in the new asset class,” the group said in a statement.