Under-the-radar altcoin Moonwell (WELL) skyrockets after being added to Coinbase’s listing roadmap

In a new thread on the social media platform X, top US-based crypto exchange platform Coinbase is announcing the addition of decentralized finance (DeFi)

Coinbase is adding Moonwell (WELL) to its exchange platform, according to a new announcement from the leading US-based crypto exchange.

The news of the addition sent WELL price soaring, rallying from a seven-day low of $0.0124 on September 5th to reach a peak of $0.0173 the following day – notching gains of around 40%. The crypto asset has since retraced and trades at $0.0170 at the time of writing.

Coinbase’s listing roadmap was created last year in a bid to enhance transparency and curb the front-running of token launches.

Moonwell, built atop Base (Coinbase’s own blockchain), as well as Moonbeam (GLMR) and Moonriver (MOVR) parachains, was launched in 2022 as an open borrowing and lending platform. Moonwell is also interoperable with Optimism (OP), an Ethereum (ETH) layer-2 scaling solution.

Earlier this week, Coinbase also announced that it would be adding support for POL, the highly anticipated rebrand of the Polygon token formerly known as MATIC, to its lineup of digital assets with an experimental label, indicating that it may experience high volatility or low trading volume.

Previously, it was disclosed that POL and MATIC would not coexist and that the Polygon community could vote to expand the utility of POL.