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Coinbase Lists Caldera’s ERA Token: A New Chapter for Cryptocurrency Trading
Coinbase Welcomes Caldera’s ERA Token
Coinbase, the leading cryptocurrency exchange in the United States, has officially added ERA, the native token of the Caldera platform, to its trading options. This announcement comes on the heels of ERA’s recent listings on major exchanges like Upbit and Binance, alongside trading availability on platforms such as KuCoin, MEXC, Gate.io, and Bitget, enhancing its visibility in the market.
In a recent update on X (formerly Twitter), Coinbase informed its users about the launch of ERA trading on its platform. Shortly thereafter, the token became available for trading against the USD.
“Caldera (ERA) is now live on Coinbase.com and in the Coinbase iOS and Android applications, marked with the Experimental label. Users can log in to buy, sell, convert, send, receive, or store these assets,” the announcement stated.
The ‘Experimental Label’ is used by Coinbase to indicate tokens that are either newly introduced or have lower trading volumes, which may lead to increased price volatility. Notably, Binance also categorized ERA with a similar ‘seed tag.’
Despite the initial excitement, the announcement resulted in a modest price increase of about 9.6%, a pattern reminiscent of the 60% surge following Upbit’s listing. However, these gains were short-lived.
Price Fluctuations and airdrop Effects
The subsequent price decline can largely be linked to the recent airdrop of ERA tokens, which the Caldera Foundation made available for claims.
“Wallets that have successfully pre-claimed their allocations have until July 31 at midnight UTC to claim their tokens,” the foundation noted.
When free tokens are distributed, recipients often sell them upon receipt, which can increase the overall supply in the market. If demand does not keep pace with this new supply, it can lead to a decrease in price. As of the latest update, ERA was trading at $1.52, reflecting a decline of 7.78%.
Caldera (ERA) Price Performance. Source: TradingView
Despite the downturn, ERA has attracted considerable interest from investors and is currently one of the most searched cryptocurrencies on CoinGecko.
Impact of airdrop Claims on Ethereum Network
The ERA airdrop has also had repercussions for the broader Ethereum ecosystem. The increased activity surrounding airdrop claims has led to a rise in Ethereum gas prices.
Gas prices on the Ethereum network are measured in Gwei, which is one billionth of an ETH.
“The airdrop claim for Binance’s new coin ERA has pushed Ethereum Gwei up to 36.7,” an analyst reported.
Recent data from Ultra Sound Money indicates that the claim contract has burned 113.04 ETH in the last 24 hours, valued at over $412,000.
Ethereum Burn Leaderboard. Source: X User
The spike in gas fees due to the ERA airdrop suggests that it has gained significant traction among users. As claims continue, both gas fees and selling pressure may persist. However, once the airdrop claims are completed, this selling pressure could diminish, potentially stabilizing the price and allowing ERA to establish a more sustainable market position.
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