Another example of confusion among investors due to similar names of financial instruments arose in the cryptocurrency market this Wednesday. The two tokens under the ticker “COIN” are showing significant growth. The same designation will be given to the shares of the cryptocurrency exchange Coinbase, after they begin to circulate on the stock market today.
The attention of market participants was drawn to a project from the decentralized finance (DeFi) space called “Coin” with the same ticker. Over the past day, it has risen in price by 50%. COIN trading volumes in 24 hours on the Uniswap exchange rose to $ 3 million, although before that they were usually in the range of $ 100,000 – 200,000. Currently, the COIN token has a capitalization of $ 43 million and costs about $ 0.54, significantly inferior to Coinbase shares, benchmark the values of which are $ 63.7 billion and $ 250, respectively. The current price is the absolute maximum for the COIN token.
According to the description on the project’s website, Coin is engaged in the creation of “a cross-chain peer-to-peer decentralized wallet, exchange and assistant based on atomic swaps and artificial intelligence technology.” On April 13, the developers made an announcement regarding the development of the project, but it did not attract significant user attention, which could explain such a rapid rise in the rate, in contrast to the Coinbase listing.
Another token with the same ticker, whose full name is “Coin Artist”, is up 23% today. Its capitalization is only $ 4 million, which allows it to occupy 1365th place in the market. Like the first Coin, it trades on the Uniswap decentralized exchange. This is the token of game designer Marguerite de Corcel, also known as Coin Artist and working in the non-fungible token (NFT) space.
The confusion among investors could have been facilitated by the announcement of the Binance exchange about the upcoming launch of trading in tokenized Coinbase shares under the ticker COIN. Earlier, analysts at the LongHash portal conducted a study, during which they tried to establish a relationship between the behavior of cryptocurrency assets with similar tickers.
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