One of the Solana (SOL)-based altcoins is soaring after a surprise listing on Coinbase, the top US cryptocurrency exchange.
In an announcement via social media platform X, Coinbase To tell We are adding Shadow Token (SHDW) to our trading platform.
Shadow tokens are expected to be available on the platform starting Wednesday at noon ET. Amid the listing news on Tuesday, Shadow Token soared from a low of $1.83 on the day to a high of $2.17, an increase of more than 18%.
Shadow Token has since pulled back slightly and is trading at $1.95 at the time of writing, up 7% in the past 24 hours.
Coinbase tags shadow tokens with experimental asset labels, which are designations for digital assets that pose certain risks, such as price volatility.
Shadow Token is a cryptocurrency designed for sustainability and security of decentralized data storage infrastructure. It serves as the native token for the ShdwDrive network, a high-performance cloud storage platform.
The project team says:
“Network mechanisms such as staking, halving, slashing, and recycling have been carefully designed to work together to make SHDW an effective tool for securing the network and increasing value. The mechanism, along with rewards and incentives, is designed to turn token holders into active participants who help secure the network.
Coinbase also just announced Another Solana-based altcoin to trade on the experimental asset label Tensor (TNSR). Tensor is Solana's most popular non-fungible token (NFT) platform.
At the time of writing, TNSR is trading at $1.60, down more than 14% in the past 24 hours.
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Featured image: Shutterstock/Salamahin/Philipp Tur
