A surge in value of more than 50% in 24 hours for a crypto as old as 0x is usually a clue that something big has happened. And in this case, it was the announcement of a partnership with Coinbase a week ago, one of the most reputable cryptocurrency exchanges.
The 0x project has already established a strong reputation as a liquidity aggregator. It supports a variety of cryptocurrencies including the BNB, Ethereum and the Phantom, among others. The revelation that 0x will power the NFT Marketplace on Coinbase was behind the recent 50% spike in the price of the ZRX token.
Coinbase’s conclusion was based on simple reasoning. According to a statement from the broker, 0x is simply more efficient than the other protocols considered – up to 54% more efficient.
0x was also able to provide simple NFT exchanges that support major token specifications.
Coinbase (COIN) and 0x (ZRX) still fell after the news
The value of the 0x crypto dropped back to pre-news levels after the announcement. Coinbase’s share price also hit all-time lows.
The late incursion of Coinbase in NFTs has clearly not been well received by the crypto community (and investors in general). But above all, the sentiment is bearish in the markets.
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0x what is it exactly?
Investopedia gives a good definition of 0x referring to it as the “Craigslist of cryptocurrencies”, as any developer can build their own cryptocurrency exchange platform and put it online with their tools. The native ERC20 ZRX token is used to pay transaction fees within its ecosystem.