Messari: New Coinbase listings really do outperform rival exchanges
In the five days after launching on Coinbase, new token listings gain 91% on average. But that doesn’t tell the whole story. Crypto analytics provider Messari has compiled a report concluding that the fabled “Coinbase effect” — the popular belief that new token listings on Coinbase tend to outperform launches on other exchanges — is true.But the effect is far from consistent, and after controlling for outliers, it’s not as great as many assume.Messari analyzed the performance of 28 new Coinbase listings over five days against 22 Binance listings, 19 FTX listings, 19 Gemini listings, 14....
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The study found abnormal levels of return in a sample of tokens just before their listing announcement on Coinbase. According to a recent study conducted by the University of Technology Sydney, researchers estimated that insider trading occurs in 10% to 25% of cryptocurrency listings.In deriving the conclusion, researchers first sampled 146 token listing announcements on cryptocurrency exchange Coinbase between September 25, 2018, and May 1, 2022. Afterward, researchers examined the price movements of the sampled tokens in the time interval of 300 hours before Coinbase listing....