After the announcement on the potential listing of Ethereum Classic that was later on concluded with an official addition of ETC to the list of trading coins on Coinbase, one of the largest and most authoritative exchanges in the market announced their interest in XLM.
Alongside Stellar Lumens (XLM), Coinbase also announced their interest in Basic Attention Token (BAT), 0x (ZRX), Cardano (ADA), and ZCash.
BAT and ZRX are already added, so the general opinion is that Stellar might as well be next.
In case Stellar Lumens gets to be listed on Coinbase next in line how will “Coinbase effect” affect the currency and what would be the target price for XLM once Coinbase lists it?
Coinbase Effect: Targeting the Price for Stellar Lumens
It can be said that Stellar is already doing great in the market having been set a new ranking several months before when it surpassed Litecoin (LTC) by market cap, climbing towards the rank of the 6th top currency.
Since then, XLM appears to be one of the top gainers in the list of top 20 currencies, growing by over 665% in the course of the last year.
XLM is already showing positive returns on weekly and monthly charts with the latest gains of 13% during the last seven days.
However, despite the progressive pace of growth, XLM still has troubles with breaking the resistance of 0.25$.
Many believe that the Coinbase listing could affect XLM in a way that the currency would acquire a bullish return with becoming available on one of the major exchanges, so there are some price targeting involved in this scenario.
For most XLM could touch the value of 1$ that way setting a new all-time high value and surpassing its previous record price of 0.75$ per one unit as recorded in January 2018.
Based on its current performance and the set of gains Stellar had collected on a YTD level, it might as well be possible that the Coinbase listing would be the final piece of the skyrocket puzzle that could send XLM to the moon (and hopefully not back).