Rocket Pool Price Skyrockets as Coinbase Ventures Acquires RPL Tokens

The price of Rocket Pool (RPL) experienced an impressive surge of nearly 10% following the announcement of Coinbase Ventures acquiring RPL tokens.
The strategic investment by Coinbase Ventures was revealed on Thursday.
Rocket Pool’s price reached a high of $29.25, with a trading volume of over $15 million within 24 hours, exhibiting a 75% increase.

On Thursday, Rocket Pool (RPL) witnessed a substantial price surge of almost 10%, reaching an intraday high of $29.25 on the cryptocurrency exchange Coinbase. The token’s trading volume soared by 75%, surpassing $15 million.

As of now, the decentralized Ethereum staking protocol is traded at around $28.45, still showcasing a 7% increase after a minor decline triggered by the broader reaction of the crypto market to the release of the US inflation data.

What Caused the Surge in Rocket Pool Price Today?

Rocket Pool is a liquid staking protocol built on Ethereum, gaining increasing popularity across the crypto ecosystem. The protocol’s website indicates that it has over 779,800 ETH staked and more than 3,110 node operators. According to data from DeFiLlama, only Lido and Coinbase have a greater Total Value Locked (TVL) than Rocket Pool among liquid staking platforms.

The native RPL tokens are utilized to incentivize users within the ecosystem and for governance purposes. The price surge of RPL today followed a significant announcement related to the token.

Coinbase Ventures, the investment arm of the US-based cryptocurrency exchange Coinbase, declared on Thursday that it had made a strategic investment in Rocket Pool by purchasing RPL tokens from the Rocket Pool team, as stated by Coinbase Ventures on X (formerly known as Twitter).

Exciting news to share: Coinbase Ventures recently made a strategic investment into @Rocket_Pool by purchasing RPL tokens from the Rocket Pool team.

— Coinbase Ventures 🛡️ (@cbventures) August 10, 2023

This investment follows Coinbase’s participation in Rocket Pool’s Oracle DAO and the launch of Base, the exchange’s layer-2 platform. In reference to the collaboration with Rocket Pool, the Coinbase team mentioned that this investment is part of their efforts to scale Ethereum’s infrastructure and onboard the next billion users to the ecosystem.

“We recognize that the Rocket Pool team shares this belief, and we are thrilled to support them through active participation in their Oracle DAO and by using ETH from our corporate balance sheet to operate several hundred nodes on the Rocket Pool network,” they expressed on X.