News & Analyses

This Solana-based token rallies 6% after Coinbase listing

  • Coinbase added Canadian stablecoin QCAD, which was relaunched in 2023, to its roadmap for a future listing.
  • The exchange has listed Solana-based NEON, whose trading will begin on Tuesday.
  • NEON’s price increased 6% in the past 24 hours, likely due to the Coinbase listing effect.

Coinbase, one of the largest cryptocurrency exchanges, announced on Monday the listing of Neon (NEON) and its intention to do the same for stablecoin QCAD in the near future. Neon is an SPL token, a fungible token built on the Solana blockchain, while QCAD is a stablecoin indexed to the Canadian Dollar (CAD). 

NEON is the token of a protocol that allows developers to build and deploy Ethereum-native dApps on Solana. The asset added 6% gains in the last 24 hours, likely driven by Coinbase’s listing announcement. 

NEON listed on Coinbase, QCAD in the queue

Solana-based token NEON gives dApp (decentralized application) developers from blockchains like Ethereum and Polygon the option to benefit from Solana’s transaction speed and low gas fees. 

Coinbase announced on Monday that it will add support for Neon EVM. Transfers for NEON will be available on Coinbase and Coinbase Exchange in the regions where trading is supported. 

NEON will begin trading at 16:00 GMT on Tuesday if liquidity conditions are met. A sufficient supply of the asset is needed to establish trading in the NEON/USD trading pair. The exchange warns users that trading in the Solana-based asset may be restricted in certain jurisdictions. 

NEON price climbed over 6% in the past 24 hours, likely due to the “listing effect,” according to data from CoinGecko. 

Meanwhile, Coinbase also announced that Canadian stablecoin QCAD, which was relaunched in 2023, has made its way to Coinbase’s updated “roadmap”. Tokens added to the roadmap are on the exchange’s radar and queued up for listing and trade. 


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