Shadow Token surges 20% following Coinbase listing

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Shadow Token, the native digital currency of the ShdwDrive decentralized data storage system, will be made available for trading on Coinbase.

Starting tomorrow, if certain market conditions are fulfilled, the biggest cryptocurrency exchange in the United States will make the Shadow Token (SHDW) available for trading on its platform.

After the announcement was made, Shadow Token experienced a significant increase of around 20%. In just one month, the token has seen a rise of approximately 80%.

Coinbase will add support for Shadow Token (SHDW) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.— Coinbase Assets 🛡️📞 (@CoinbaseAssets) April 9, 2024

Over the past month, SHDW has become available for trading on notable exchanges such as Crypto.com and Gate.io. Consequently, the token’s daily trading activity has seen significant growth, with a remarkable surge of over 200% today.

After being announced as a potential addition to Coinbase’s exchange, Shadow Token drew considerable attention and experienced a large price increase as a result. The recent surge in activity on the Solana network has also sparked significant interest in utility tokens like SHDW, with developers becoming more active on these platforms.

Introduced in January 2022, Shadow Token offers a novel way to ensure the authenticity and persistence of data stored on-chain through confirming on-chain events, marking an improvement over past efforts by other web3 storage providers to integrate with Solana, which faced limited achievements. The versatile network caters to multiple applications such as web hosting, archival services, backup solutions, social media platforms, datasets, and personal storage options.

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2024-04-09 21:25