Key Insights
- $MAGIC is an Ethereum-based altcoin on Coinbase’s roadmap listing
- The coin recorded about 138% surge in the last few days
- The Ethereum based altcoin powers Treasure Decentralized Autonomous Organization (DAO)
Coinbase exchange announced that Magic (MAGIC), an Ethereum-based altcoin project, did wonders in the last few days. The exchange had therefore added it to its listing roadmap— to promote transparency and prevent insider trading on its listings.
Similarly, the Magic token quietly outperformed the markets and recorded a 138% surge. This surge follows the nod of approval from Coinbase, a US crypto exchange.
Furthermore, reports showed that the Ethereum-based altcoin has a market cap of about $100 million. However, there are expectations that this market capitalization will exponentially increase in the coming days.
On the November 22, the MAGIC token hit a local low of $0.23. A week later, the token consolidated, prompting Coinbase to put the altcoin on its listing roadmap.
Shortly after the exchange’s announcement, the Ethereum-based altcoin surged to about $0.62. The surge is estimated at 169% compared to November’s low and 138% after the Coinbase announcement.
However, Coinbase is yet to list the MAGIC token on its exchange. It is worthy of note that not all digital assets the exchange places on its listing roadmap get full support.
Asides from the Ethereum-based altcoin, ANT, Aragon decentralized governance token, and RPL, Ethereum staking pool tokens are also on Coinbase’s listing roadmap.
Understanding Magic, Ethereum-Based Altcoin
Since the Coinbase exchange announced the listing of MAGIC on its exchange, there has been attention to the Ethereum-based altcoin. The token powers Treasure Decentralized Autonomous Organization (DAO).
The MAGIC coin is a project launched on the Ethereum blockchain— it aims to be a decentralized video game console that integrates virtual games and NFTs. Mikelauofficial tweeted that $MAGIC is powering the building of decentralized Nintendo on web3.
Furthermore, the $MAGIC token powers key infrastructure and acts as a reserve asset across the partner’s game cartridges on the TreasureDAO.
Significantly, TreasureDAO is a decentralized Non-fungible token (NFT) infrastructure on Arbitrum. It runs a virtual gaming ecosystem that bridges a growing network of Play-2-Earn virtual reality projects.
Furthermore, the Treasure DAO whitepaper reveals that every project listed on the marketplace utilizes the MAGIC token. Every metaverse project on the Treasure marketplace will invent its lore and storytelling to grow resources.
Similarly, the TreasureDAO consists of four lego bricks. They include providing the foundation for other projects, a Play to earn game, interoperable assets, and an NFT marketplace.
MAGIC on Coinbase Roadmap List
One of the tokens that have performed brilliantly in the last couple of days on the Coinbase roadmap list is $MAGIC. The ERC-20 token on the Arbitrum network has the contact address: 0x539bdE0d7Dbd336b79148AA742883198BBF60342.
Furthermore, according to Coinbase, once an asset escapes through the roadmap listing, it will be scaled to other listing phases. It said after that, such digital assets would start trading the following day.
The phases include transfer-only, post-only, limit-only, and full trading. Coinbase reiterated that if at any phase, the asset does not meet its metric for a healthy market, it may keep it in that phase for a longer period.
As of the time of writing this article, Magic token remains in the roadmap listing phase.
