0x (ZRX) Soars 70%, Despite CEO’s Warning to Crypto Punters
The ZRX cryptoasset underlying 0x – a crypto project self-described as being “the critical infrastructure layer in the emerging financial stack built on a foundation of Ethereum token standards” – has seen its value jump considerably today following a second ZRX-specific announcement from top-tier digital asset exchange, Coinbase.
Coinbase Continues ZRX Rollout
After last Thursday’s somewhat lacklustre price response to the news that Coinbase was launching ZRX trading on its Coinbase Pro platform, the value of 0x’s native crypto token increased by more than 70 percent on Tuesday afternoon – according to TradingView (via CoinCheckup).
So strong was the response to this most recent Coinbase announcement – which declared the opening of ZRX trading on Coinbase.com and in the Coinbase Android and iOS apps – that ZRX broke through the psychologically significant USD valuation of $1.00; something not seen in over two months.
As is common for Coinbase when adding a new cryptocurrency, ZRX is being integrated with its product suite in an incremental fashion. Such an approach allows the California-headquartered company to ensure for sufficient token liquidity and buy-side demand.
In many ways, then, Tuesday’s ZRX announcement signalled to crypto investors that the digital asset exchange behemoth is satisfied with the extent to which Coinbase Pro users have been trading the ERC20-compliant ZRX token since its listing late last week.
In a rare display of sensible disclosure in the oft-hyped cryptocurrency and blockchain ecosystem, Will Warren (Co-Founder & CEO, 0x) shared the below tweet amid ZRX’s upward price movement on Tuesday.
This is probably a good time to remind everyone that 0x is a highly experimental technology that is built on top of another piece of highly experimental technology.
— Will Warren (@willwarren89) October 17, 2018
Despite the warning, the value of ZRX jumped by a further 30 percent in the hour proceeding Warren’s seemingly sobering tweet, topping out at $1.27. Just two weeks ago, the same token could be purchased for $0.60; a telling reminder of what a major crypto exchange listing can do to a cryptocurrency’s price.
Notably, there were certain members of the community that sought issue with Coinbase’s ZRX listing altogether. One such vocalist was Matt Odell, a well-known member of the Bitcoin community who had begun a ZRX-related tweetstorm hours before Warren’s failed attempt to pacify dollar-hungry retail investors.
In a reply to the 0x co-founder’s tweet (shown below), also, Odell seemed to imply that the large ZRX token supply (i.e., one billion) was decided upon primarily to exploit unit bias.
Your token warning isn’t going to stop uneducated retail from plowing their money into the “cheapest coin on coinbase.”
Why did you choose 1 billion base units anyway? I assume it wasn’t to make the token look cheaper compared to its peers? Right?
— Matt Odell (@matt_odell) October 17, 2018