- OmideGo rocketed 192% after Coinbase announced the coin would be listed on the exchange
- The fabled Coinbase listing pump was thought to be extinct
- Mega pump is suggestive of a returning bull market
OmiseGo (OMG) rolled back the years as it enjoyed a 192% Coinbase listing pump, reigniting memories of 2017 and potentially signifying an imminent bull market. The pump, which came after Coinbase announced that they were listing the token, was a reminder of the heady pre-Binance days of 2017 where a Coinbase listing was the most sought-after exchange listing a token could achieve, affording us another example of why we may be embarking on another bull run.
Coinbase Listing Pump Sends OMG Rocketing
Coinbase announced the listing of the OMG token on May 14, which resulted in an immediate uptick in the price from $0.75 to $0.98. This 28% compares favorably with ETH’s 22% rise and ZRX’s 28% gain on the announcement of their listings in 2016 and 2018 respectively, but this turns out to have been just the beginning – OMG has just kept on running in the days since the news, even while Bitcoin has been crashing $1,000:
This incredible run has seen it put on another 120% since the initial pump, topping out at $2.22, reviving the concept of the Coinbase Effect, which was thought to be dying out following lackluster returns on listing announcements – most notably that of XRP, which pumped only 11% on the news that it was listing on Coinbase following years of campaigning by the XRP army.
Has the Coinbase Giant Been Reawakened?
So does OMG’s Coinbase listing pump mean that the giant is stirring from its slumber ready to move markets once again? While the initial pump was no doubt to do with the Coinbase listing, what followed was more likely to do with the fact that traders were looking for somewhere to put their profits following Bitcoin’s halving run, and an alt coin that had just had a positive announcement was likely as good a place as any. Once the coin had gotten moving, good old FOMO took over and launched it higher.
Despite the fact that the bulk of the move may not have been directly connected to the Coinbase listing, the fact that news of a listing was enough of a catalyst to do this is good news for the market, and is yet another example that the market is ready for such moves on a regular basis – the very definition of a bull market.