A Pair of Solana-Based Altcoins Dip in Price After Coinbase Support
Two Solana-based altcoins are experiencing a decrease in price following the announcement of support from the leading US crypto exchange.
Coinbase Assets recently revealed that it is adding support for Jito Staked SOL (JITOSOL) and the NFT marketplace Metaplex (MPLX). Both assets are now available for trading on Coinbase’s platform, allowing customers to buy, sell, convert, send, receive, or store these digital assets.
However, the news of Coinbase’s support has caused a slight dip in the prices of JITOSOL and MPLX. Currently, JITOSOL is trading at $217 with a 6.8% decrease, while MPLX is valued at $0.169, showing a fractional decrease over the last 24 hours.
What Are JITOSOL and MPLX?
JITOSOL is a liquid staked token (LST) that allows users to earn additional rewards by staking Solana on the Jito decentralized finance (DeFi) network. With JITOSOL, users can accrue staking and MEV rewards, and the asset remains liquid, meaning it can be traded on-demand without being locked up.
On the other hand, MPLX is the native token of the Metaplex NFT marketplace, a decentralized platform built on Solana. MPLX serves as the governance token for the platform and provides the necessary infrastructure for minting, trading, and managing NFTs.
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