Coinbase Suspends Transactions for a Pair of Cryptocurrencies: The Reasons Explained

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    <p>The prominent cryptocurrency exchange <a href="https://u.today/coinbase-issues-delisting-alert-to-streamline-offerings" target="_blank" rel="noopener noreferrer">Coinbase</a> has reported the cessation of trading activities for Metal DAO (MTL) and Enjin Coin (ENJ) on its service. Consequently, users will be unable to initiate new trades with MTL and ENJ on Coinbase.</p><p>Despite the suspension of MTL and ENJ trading on Coinbase, users' funds will remain secure, with uninterrupted ability to withdraw their assets at any time.</p><p>The discontinuation of Enjin Coin trading on Coinbase is a result of periodic evaluations by the exchange to verify ongoing compliance with its asset listing protocols.</p><p>Coinbase <a href="https://x.com/CoinbaseAssets/status/1801678454208754174" target="_blank" rel="noopener noreferrer">halted</a> Enjin Coin (ENJ) trading on June 14 across all interface offerings, including Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and Native DEX.</p><amp-twitter width="375" height="472" layout="responsive" data-tweetid="1801678454208754174"></amp-twitter> <p>Metal DAO had a positive outcome with the passage of MIP-00, a strategy for its transition to Metal L2 on the Optimism Superchain, similar to Base. The switch from Ethereum mainnet to Metal L2 for MTL tokens will be effected through an airdrop.</p><p>Coinbase announced it will not be supporting the MTL airdrop and consequently stopped trading the MTL token on June 14 across all its platforms.</p><p>Advising MTL holders, Coinbase conveyed that for airdrop eligibility of the V2 MTL token, holders need to move their MTL to a compatible self-custodial wallet by June 23 to partake in the forthcoming token distribution.</p><p>The market reaction to Coinbase's announcement was noticeable, as MTL and ENJ both experienced a decline in value within 24 hours, compounded by the broader market downturn. As of the last update, <a href="https://u.today/enjin-coin-enj-suddenly-gains-13-as-trading-volume-skyrockets-this-might-be-reason" target="_blank" rel="noopener noreferrer">Enjin Coin</a> dropped by 3.21%, with a current value of $0.2196, and Metal DAO fell by 4.31%, priced at $1.25.</p>

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    <p>About the Author</p>
    <a class="article__author-user" href="https://u.today/tomiwabold-olajide" target="_blank" rel="noopener noreferrer">
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        <p>Tomiwabold Olajide</p>
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        <p>Tomiwabold Olajide is a seasoned market analyst, specializing in cryptocurrencies. He is particularly skilled in technical analysis, diligently researching and forecasting market trends. A holder of a degree from the University of Lagos, Tomiwabold demonstrates a keen interest in the dynamics of the cryptocurrency market.</p>
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