On June 23, the price of VeChain (VET) spiked to a high of $0.01899, marking a 16-day high.
Coinbase tweeted on June 22 that it had added VeChain, and its gas token, VeThor, to its new asset listing roadmap. However, the platform has not yet provided details on when they will be available for trading.
VeChain recorded a year-to-date peak of $0.03257 on February 20 before sinking 40% to $0.01962, approximately two weeks later, when a series of U.S. bank failures rattled crypto markets.
The ensuing bounce topped out around mid-April, with the $0.0265 zone proving strong resistance.
Into June, and the ramping up of regulatory hostility at the hand of the Securities Exchange Commission, VeChain sunk further to form a local bottom at $0.01419 – representing a 95% drawdown from its all-time price of $0.281, achieved in April 2021.
By June 17, its price began a reversal trend that culminated in a peak above the downtrend line depicted below – before moving back beneath the line – suggesting indecision on the part of bulls at this time.
Source: VETUSD on TradingView.com
Coinbase changes listing policy
Currently, VeChain and VeThor are not available to trade on Coinbase.
Coinbase explained it had discontinued its previous practice of publishing a list of assets under consideration as part of its drive to become more transparent about token listings. Instead, under its roadmap model, assets that the company has “affirmatively decided to list” will be shown on the roadmap page of its website.
But crucially, no information on dates or expected timelines is given, with investors expected to wait until an official listing announcement is made.
Coinbase settled with the Securities Exchange Commission in May over insider trading charges. The regulator said Ishan Wahi, a former product manager at the company, tipped off his brother Nikhi and his friend Sameer Rami on token listings before they were public knowledge.
The pair used this information to buy the tokens, selling them for profit after being listed. This was said to have occurred on at least 25 separate token listings. Wahi was sentenced to 24 months in prison for his part in the crime, while his brother received a 10-month sentence.
At the time, Coinbase said it had “zero tolerance for this kind of misconduct and will not hesitate to take action against any employee when we find wrongdoing.”
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