Coinbase and Upbit Listings Push Flock (FLOCK) to All-Time-High

Leading US cryptocurrency exchange, Coinbase, and prominent South Korean exchange, Upbit, have announced the addition of new altcoins to their trading platforms.

The listing included support for Flock (FLOCK) on both exchanges, with Coinbase also introducing SPX6900 (SPX). These moves triggered a significant price surge. Furthermore, FLOCK hit a new record high during early Asian trading hours today.

Coinbase and Upbit Announce New Altcoin Listings

In an announcement on X (formerly Twitter), Coinbase confirmed that it will list both altcoins. Trading is expected to begin on or after 9:00 a.m. Pacific Time (PT) on September 9, 2023. The rollout will only occur if there is sufficient Token supply.

“Coinbase will add support for SPX6900 (SPX) on the Ethereum network (ERC-20 Token) and Flock (FLOCK) on the Base network. Do not send these assets over other networks or you may lose funds,” the announcement reads .

Furthermore, trading for SPX-USD and FLOCK-USD pairs will be introduced in phases. The exchange also clarified that the availability of these assets may vary by region, as some jurisdictions will face restrictions.

Following Coinbase’s announcement, SPX, a meme coin, experienced a slight price increase. The price increased from $1.33 to $1.41, marking a 6.02% increase. However, the rally was short-lived, and the Token has since pared gains to trade at $1.32, down 1.26% at the time of writing.

Meanwhile, FLOCK saw a stronger rally. The altcoin rose from $0.26 to $0.30, up 15.38%, reflecting the initial market excitement. These moves are consistent with the so-called ‘Coinbase Effect’, where a listing on the platform often leads to an immediate price increase due to increased attention and legitimacy.

While the Coinbase news prompted a slight increase, Upbit ’s decision to add FLOCK to its Korean Won (KRW) market triggered a much stronger reaction.

“Please be sure to check the exact network before making any digital asset deposits. Deposits or withdrawals made via other networks are not supported,” Upbit wrote .

Trading began at 12 noon Korean Standard Time (KST) and sent FLOCK soaring. The altcoin’s price rose from $0.31 to $0.99, a 219.35% increase, with the latter marking a new All-Time-High (ATH) .

At the time of writing, the price has corrected to $0.50, marking an increase of 84.37%. Additionally, FLOCK’s daily volume has skyrocketed. It reached $197 million, up 2,051.30% from the previous day.

Bithumb and Upbit accounted for the majority of this activity, with 23.2% and 22.9% respectively, underscoring the significant influence these exchanges have on Token liquidation .

These back-to-back listings underscore how support from regional exchanges can amplify global market momentum. Coinbase’s brand power and Upbit ’s dominance have combined to put FLOCK in the spotlight, with volatility and trading activity expected to remain high as liquidation deepens.