Stader Price Surges 60% In a Day; What’s the Reason?
- Stader SD token's price surged by 60% following its listing on Coinbase.
- The listing significantly increased the token's market visibility and value.
- Stader Labs' partnership with Haven1 is set to enhance its position in the crypto world.
Understanding Stader's Price Dynamics: The Coinbase Effect and Beyond
Stader (SD) token, native governance, and value accrual token for Stader Labs recorded an intraday price surge of 60%. The token showcased a jaw-dropping performance, spiked from $0.4071 on July 9 to $0.6469, at the time of writing with $26,431,200 in market cap and $8,403,183 in 24-hour volume.
Wu Blockchain took to X to highlight SD’s outstanding move, indicating Coinbase as a major reason behind the move.
Source: X
Coinbase, one of the trusted cryptocurrency exchanges recently announced the involvement of SD and QCAD (QCAD) tokens in its listing roadmap. The move doubled the SD token's value and visibility, showcasing the connectivity between exchange listings and cryptocurrency valuations.
The exchange announced the listing of both tokens to list each asset that meets the legal standards, technical security, and compliance. Moreover, the listing of any token doesn't rely on the popularity or market cap of any project and supports native assets on their own network or tokens supporting token standards like Ethereum ERC20, Solana SPL, and Avalanche ARC20.
Stader’s Current Performance
Following Coinbase’s announcement, SD experienced a remarkable price surge. The token’s value more than doubled, reaching a high of $0.8507 before settling at $0.6469, Moreover, the token recorded a weekly surge of 0.20% which represents the enhanced interest of investors toward Stader.
Source: X
In the past few days, a surge was witnessed in Stader trading activities, leading to total value locked (TVL) from $528.15 Million on July 6 to $550.5 Million on July 10, According to DefiLlama. Additionally, the token has over 40,763,114 tokens in circulation with a maximum supply of 120,000,000.
Stader Labs Partners with Haven1
Apart from listing on Coinbase, Stader Labs, a liquid staking platform also efforting to expand its roots in the crypto world. Partnership with Heaven1 to bring liquid staking to the safe heaven ecosystem as well as to introduce hsETH, a new liquid staking token to enhance user participation in the Ethereum Ecosystem.
Furthermore, the collaboration will also open doors to a wide range of Web3 opportunities within Haven1's secure ecosystem. Stader Labs collaborated with Heaven1 in June 2024.
Conclusion
Stader's 60% price jump is largely due to its Coinbase listing, which boosted its value and exposure. The token's rise reflects the market's positive reaction to exchange listings and Stader Labs' strategic moves in the crypto space.
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