{"id":129957,"date":"2020-04-06T18:30:40","date_gmt":"2020-04-06T17:30:40","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=129957"},"modified":"2022-03-22T22:10:46","modified_gmt":"2022-03-22T22:10:46","slug":"heres-why-basic-attention-tokens-on-chain-metrics-are-exploding-as-gemini-prepares-listing","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/heres-why-basic-attention-tokens-on-chain-metrics-are-exploding-as-gemini-prepares-listing\/","title":{"rendered":"Here\u2019s why Basic Attention Token\u2019s on-chain metrics are exploding as Gemini prepares listing"},"content":{"rendered":"

Gemini announced that it will be listing Basic Attention Token to its retail platform for U.S. cryptocurrency investors. Following the announcement, on-chain went through the roof.<\/p>\n

Gemini to list Basic Attention Token<\/h2>\n

In a recent blog post<\/a>, Gemini<\/a>, a New York-based regulated cryptocurrency exchange, wallet and custodian, revealed that it will be adding Basic Attention Token to its retail platform. The move will provide market access to the altcoin for millions of retail investors.<\/p>\n

Basic Attention Token is an Ethereum-based token that is considered to be the backbone of Brave Browser<\/a>. It improves the efficiency of digital advertising within this internet browser by creating a new unit of exchange between publishers, advertisers, and users.<\/p>\n

BAT is set to become the sixth digital asset available for trading on the Winklevoss twins\u2019 platform on April 24 at 9:30am ET. Thereafter, users will be able to deposit their tokens into their accounts and start trading it against multiple trading pairs. These include, the U.S. dollar, Bitcoin<\/a> (BTC), and Ethereum<\/a> (ETH).<\/p>\n

On-Chain metrics explode<\/h2>\n

Following the announcement, there was a substantial increase in on-chain metrics, according to Glassnode<\/a>. The blockchain data intelligence firm affirmed<\/a> that in the last 24 hours BAT\u2019s network activity skyrocketed. The number of transfers on the network went from 65.5 to 122.13, representing an 86.5 percent increase.<\/p>\n

\"Basic
Basic Attention Token Number of Transfers by Glassnode<\/a><\/figcaption><\/figure>\n

Along the same lines, the number of new addresses created surged<\/a> nearly 46 percent while the number of active addresses went up<\/a> 70 percent in the past 24 hours.<\/p>\n

\"Basic
Basic Attention Token Number of New Addresses by Glassnode<\/a><\/figcaption><\/figure>\n

Despite the significant spike in on-chain metrics seen recently, IntoTheBlock\u2019s<\/a> \u201cHistorical In\/Out of the Money\u201d reveals that nearly 89 percent of all the addresses holding BAT are losing money. At the moment, only 4.7 percent of Basic Attention Token addresses are \u201cin the money.\u201d<\/p>\n

\"Historical
Historical In\/Out of the Money by IntoTheBlock<\/a><\/figcaption><\/figure>\n

Even though Basic Attention Token appears to have stolen the spotlight lately after multiple announcements<\/a> that are meant to increase the utility<\/a> of this altcoin, the massive amount of holders that are in the red suggests that it could have a hard time reaching higher highs. Only time will tell whether demand for BAT increases as it becomes available to a new range of investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gemini announced that it will be listing Basic Attention Token to its retail platform for U.S. cryptocurrency investors. Following the announcement, on-chain went through the roof. Gemini to list Basic Attention Token In a recent blog post, Gemini, a New York-based regulated cryptocurrency exchange, wallet and custodian, revealed that it will be adding Basic Attention […]<\/p>\n","protected":false},"author":148,"featured_media":129962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nHere\u2019s why Basic Attention Token\u2019s on-chain metrics are exploding as Gemini prepares listing<\/title>\n<meta name=\"description\" content=\"Gemini announced that it would be listing Basic Attention Token to its retail platform sending on-chain metrics through the roof.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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