Two decentralized science (DeSci) cryptocurrencies, Bio Protocol (BIO) and ResearchCoin (RSC), took a dive after being listed on Coinbase.
Coinbase Listing, Price Drop
Coinbase, a major US cryptocurrency exchange, announced the addition of BIO and RSC to its platform. This allowed users to buy, sell, and trade these tokens through the Coinbase website and mobile apps. However, the news wasn’t met with the expected price surge. Instead, both tokens experienced significant drops. At the time of writing, BIO was down 7.3% at $0.0612, while RSC plummeted 34% to $0.493.
What are BIO and RSC?
Bio Protocol (BIO): This blockchain project aims to revolutionize biotech funding. It connects patients, researchers, and crypto users to create networks that fund and develop new biotechnologies. The goal is to speed up the research process and make it more accessible.
ResearchCoin (RSC): Backed by Coinbase CEO Brian Armstrong, RSC focuses on improving science communication and research. Interestingly, RSC had a price spike earlier in the week after being added to Coinbase’s Base blockchain.
The Bottom Line
The price drops highlight the volatility of the cryptocurrency market, even for projects with established backing. While Coinbase listings can often boost a token’s price, there’s no guarantee of success. Investors should always do their research before investing in any cryptocurrency.