Coinbase Extends Support to Stader (SD), the Primary Cryptocurrency of the Stader Labs Platform

With a circulating supply of almost 41 million, the coin now has a market cap of $27,220,357 after it registered a 64.84% surge.

Stader (SD), the primary cryptocurrency of the Stader Labs platform, has seen a massive surge of over 50% following an announcement by American cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) that it will add the coin to its listing roadmap.

At the time of this writing, the coin is trading at $0.6678, showing an impressive price gain of 64.84% in the last 24 hours. This recent performance also reflects a 15% price appreciation over a period of seven days.

Coinbase's recent announcement has also caused a significant increase in the token's trading volume. According to data from CoinMarketCap, Stader's trading volume has gone up by 231.53% in the last 24 hours, corresponding with a current trading volume of $7,711,493.

This performance is further reflected in the coin's market capitalization, which now stands at $27,220,357 after registering a 64.84% surge, given its circulating supply of almost 41 million.

Coinbase Continues Adding Tokens Amid Regulatory Debacle

In related news, another memecoin, Book of meme (BOME), also saw a similar sentiment last month after Coinbase announced support for the crypto.

Precisely, the top cryptocurrency exchange stated that it would add support for the perpetual futures of the memecoin on Coinbase International Exchange and Coinbase Advanced alongside Notcoin (NOT). Within 24 hours of the announcement, the BOME memecoin rose close to 10%, with a 15.31% surge in the trading volume to $271.9 million.

This year, Coinbase has listed a lot of other digital assets including the BRC-20 token ORDI. It also recently teamed up with payment processor Stripe to introduce support for the USDC stablecoin on the Base Network.

However, the exchange is still facing regulatory issues with the United States authorities. Coinbase has a pending lawsuit with the Securities and Exchange Commission (SEC) over violation of securities laws. At the beginning of this month, the exchange asked the presiding judge Katherine Polk Failla, to take a cue from a similar case between the SEC and Binance.

The case is still ongoing with the judge yet to give a verdict.