Coinbase has revitalized the cryptocurrency market by launching a new altcoin, which has seen an astounding 350% increase.
What is Keyboard Cat (KEYCAT)?
The newly listed altcoin is called Keyboard Cat (KEYCAT), recently added to Coinbase’s roadmap for altcoin listings. Following this news, the token experienced a remarkable spike in trading activity within 15 minutes, hitting a peak price of $0.0193. Initially, the token was valued at $0.004185 during the announcement, showcasing a staggering 350% rise from its peak. However, it has since faced a 70% decline but remains 35% above its pre-announcement price.
Market Impact of KEYCAT
Coinbase’s rapid inclusion of three altcoins indicates the potential for further listings like KEYCAT. This trend highlights the inherent risks tied to low liquidity assets in the market. The token, inspired by the popular meme “Keyboard Cat,” is currently traded on various centralized exchanges. Presently, it boasts a trading volume of $7 million and a market capitalization of $64 million, with its fully diluted valuation aligning with its circulating supply.
Volatility of the Cryptocurrency Market
The unexpected announcement has not only revitalized interest in KEYCAT but also underscores the volatile nature of cryptocurrency investments, where rapid price shifts can occur in response to new market developments.
The announcement from Coinbase has invigorated interest in the market but also serves as a reminder of the high risks associated with cryptocurrency volatility.
