An Ethereum (ETH)-based altcoin project has quietly outperformed the markets with a parabolic rally following a nod of approval from top US crypto exchange Coinbase.
Coinbase says Magic (MAGIC) is now on its listing roadmap, which the exchange created as a way to promote transparency and prevent insider trading on its listings.
MAGIC is the token that powers Treasure DAO, a project that aims to be a decentralized video game console that incorporates games and non-fungible tokens (NFTs). Treasure DAO’s infrastructure includes Trove, an NFT market place on Ethereum scaling solution Arbitrum, and a competitive gaming platform called Bridgeworld.
MAGIC has a market cap of just over $100 million, and has witnessed an enormous rally over the last several days.
After hitting a local low of $0.23 on November 22nd, MAGIC consolidated for about a week before Coinbase made the announcement to put the altcoin on its listing roadmap.
MAGIC quickly rallied all the way to $0.62, a 169% rally from November’s low and a 138% rally after Coinbase’s announcement.
At time of writing, MAGIC is trading for $0.53.
Coinbase has not officially listed MAGIC yet, and assets placed on the exchange’s listing roadmap don’t necessarily end up getting full support.
The US’ top crypto exchange put MAGIC on its roadmap at the same as decentralized governance platform Aragorn (ANT) and Ethereum staking pool Rocket Pool (RPL).
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Salamahin/Mia Stendal
