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Coinbase recently announced its plans to add the Stader (SD) token to its coin listing roadmap. This news caused quite a stir in the community and sent the token’s price soaring by over 100%.

The token was valued at $0.43, according to CoinGecko, but after the announcement it reached over $0.86.

Cryptocurrency exchange giant Coinbase has announced the inclusion of SD on its coin listing roadmap, triggering a notable surge in the token’s value. The token powers the Stader Labs platform and serves as both governance and payments for transactions within the ecosystem.

Following Coinbase’s announcement, SD experienced a notable price surge. The token’s value more than doubled, reaching a high of $0.8607 before settling at $0.7296.

Even with this slightly lower price, SD is up 79.46% in the last 24 hours. The token’s weekly performance also showed strength, with a 15.38% price appreciation in the last seven days.

The news has sparked a surge in trading activity for Stader, with its trading volume moving $6.6 million in the past 24 hours. Its supply is 41 million, while Stader’s market cap is just over $30.8 million.

Coinbase Influence and Partnerships

The surge in SD confirms yet another episode of the famous “Coinbase effect,” in which a token’s price skyrockets after entering the platform. This is due to the large trading volume that entering Coinbase offers to most tokens.

Coinbase recently secured a $32.5 million contract with the U.S. Marshals Service (USMS) for the custody and management of high-value digital assets. This partnership marks a significant step in the government’s adoption of blockchain technology for asset management.

Additionally, Coinbase has been named as the custodian for several Bitcoin (BTC) ETFs since January. Managers such as BlackRock, Bitwise, and Grayscale use the exchange as a “vault” to store their BTC, which increases trust. On the other hand, the community claims that this brings risks of centralized custody.

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