As most of us know Coinbase has recently announced that they will be exploring the addition of some new tokens to the platform. So why did these coins not pump 15-20% upon announcement? There are a few reasons. Allow me to explain...
Reason # 1( Speculative)
Unlike many Coinbase announced listing the current announcement is only "exploring" the addition of the cryptocurrencies Cardano(ADA), Basic Attention Token(BAT), Stellar Lumens(XLM), Zcash(ZEC), and Ox(ZRX). Therefore there is no definitive listing of any of these tokens by Coinbase in the future. Purely exploratory, and no guarantee.
Reason #2 (Restrictive)
Coinbase has also gone on to explain that even if any of these tokens do get listed they may be subject to certain restrictions as well. These can include buying and selling only without the addition of a local Coinbase wallet to hold tokens. Other restrictions can include deposits and withdrawals , and jurisdiction making tokens only available in specific geographical locations.
Reason #3 (More Tokens = Less Movement)
The more coins or tokens that get added to Coinbase the less the demand for price movement. When the options on Coinbase were limited to a few there was no choice but to have money flow heavily between those limited channels. With the addition of more tokens all that is created is lower price action because there are a multitude of channels at a lower price and therefore less pump.
Historically the announcement of a new listing on Coinbase tells us the token will spike in price, but maybe with the addition of too many the token becomes a lot less "special" all of a sudden and that spike we were expecting is a mere blip on the radar