Solana Altcoin Rips After Earning Surprise Support From Crypto Exchange Coinbase

One Solana (SOL)-based altcoin is soaring after landing a surprise listing on Coinbase, the top crypto exchange in the US.

In an announcement via the social media platform X, Coinbase says it’s adding Shadow Token (SHDW) to its trading platform.

Shadow Token is expected to be available on the platform starting Wednesday, at noon Eastern Standard Time. Amid the listing news on Tuesday, Shadow Token shot up from the day’s low of $1.83 to a high of $2.17, a gain of more than 18%.

Shadow Token has since retraced slightly, trading at $1.95 at time of writing, up 7% in the last 24 hours.

Coinbase is tagging Shadow Token with the experimental asset label, a designation for digital assets that pose certain risks such as price swings.

Shadow Token is a cryptocurrency designed for the sustainability and security of decentralized data storage infrastructure. It serves as the native token for the ShdwDrive network, a high-performance cloud storage platform.

Says the project team,

“Network mechanisms such as staking, halving, slashing and recycling – are carefully designed to work together to make SHDW an effective tool for securing the network and driving value. These mechanics, along with rewards and incentives, are designed to convert token holders into active participants who are helping to secure the network.”

Coinbase also just announced another Solana-based altcoin for trading with the experimental asset label, Tensor (TNSR). Tensor is the most popular non-fungible token (NFT) platform on Solana.

At time of writing, TNSR is trading for $1.60, down more than 14% in the last 24 hours.

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Featured Image: Shutterstock/Salamahin/Philipp Tur