Coinbase, a major US cryptocurrency exchange, recently added support for two Solana-based tokens: Jito Staked SOL (JITOSOL) and Metaplex (MPLX). This listing, however, didn’t lead to a price surge; instead, both tokens saw slight price drops.
Jito Staked SOL (JITOSOL)
JITOSOL is a liquid staked token (LST). This means users can earn rewards by staking Solana on the Jito DeFi network, without locking up their assets. The token’s value is tied to Solana, and it earns rewards in two ways: staking rewards and MEV (maximal extractable value) rewards. At the time of writing, JITOSOL was down about 6.8%, trading around $217.
Metaplex (MPLX)
MPLX is the native token for the Metaplex NFT marketplace, a Solana-based platform. It functions as a governance token and provides the infrastructure for creating, buying, selling, and managing NFTs on Solana. MPLX experienced a minor price decrease in the last 24 hours, trading at around $0.169.
Price Action After Coinbase Listing
Interestingly, the addition of both tokens to Coinbase resulted in a slight price dip for both JITOSOL and MPLX, despite the increased accessibility. This highlights the unpredictable nature of cryptocurrency markets.
Disclaimer: This information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies.
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