It is no secrete that as soon as a new coin/token gets listed on Coinbase they almost always experience what has been called the "Coinbase effect". What this is is when the price of a coin/token shoots upwards or moons before finally falling back to the Earth. Today marked the launch of trading FARM on Coinbase Pro so those that use Coinbase Pro can now send FARM to their Pro accounts and trade it. What makes the Coinbase effect interesting for FARM is how the price of FARM has historically been much higher than it currently is so will FARM follow the typical Coinbase effect curve and come back down to Earth?
One could argue and I am not sure I could argue for or against them that this is FARM just getting the recognition it deserves and it will not come crashing down since the crypto market as a whole has recovered the last few days. The only thing that I can think of that could cause the price to drop is if people end up really rejecting FARM because they would rather have iFARM and do not want to deal with the converting FARM to iFARM transition.
It's a poor reason and one I would not expect to see but crypto traders can be pretty finicky about things and who knows this could be one of those things that they just don't want to mess with. The easy counter to that argument though is that by getting FARM listed there is a lot more exposure for the yield farm agitator. This would just further drive more people to utilize the platform and thus increase the value of the tokens. It's a rather interesting thing to try and figure out how it will shake out and something I have gone and back wondering.
The bottom line though is that this was great for Harvest. Getting recognized and approved by Coinbase is no small feat and something that the development team should be patting themselves on the back for. You add in how the platform is now on three blockchains the new eyes to the platform should be pretty amazed by how well this gem functions. For myself, I will continue to enjoy the amazing returns I have gotten out of Harvest and personally will continue to Harvest away! Like always remember to do your own research and have a great day!
