A new Web3 token, MINA, has soared over 75 percent this week following a US$92 million investment and a recent listing on one of the world’s largest crypto exchanges, Coinbase.
World’s ‘Lightest Blockchain’ Survives Massive Sell-Off
Self-described as the world’s lightest blockchain with a fixed size of 22 KB, the Mina Protocol is a fast-growing platform for zero-knowledge smart contract development.
The protocol’s native token, MINA, has been recovering from a sharp price drop of over 70 percent from its all-time high of US$6.71 in November 2021. The cryptocurrency now hovers at $2.49 per coin, boosted by bullish sentiment after the protocol sold $92 million worth of MINA tokens to Three Arrow Capital and FTX Ventures.
The Coinbase Effect
What further boosted MINA’s price was Coinbase’s support for the token, as per an announcement on March 23. Trading will be paired with Tether (USDT), once liquidity conditions are met.
As Coinbase is one of the largest crypto exchanges internationally by trading volume, a listing surely adds massive value to any cryptocurrency project. In January this year, real estate smart contract token Propy soared 227 percent after being listed on the exchange.
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