Coinbase x402 Protocol Activity Jumps 8,000% After PING Launch
x402 open-source protocol experienced an explosive surge with an 8,000% jump in trading volume, driven by the PING token.
Quick Take
Summary is AI generated, newsroom reviewed.
Coinbase's x402 protocol activity surged following the launch of the PING token.
Trading volume on x402 jumped over 8,200% and new buyers increased by over 1.5 million percent in a week.
PING, issued by Ping Observer, reached a market capitalization exceeding $20 million shortly after launch.
The growth validates Coinbase's strategy of empowering developers through its x402 protocol and Base ecosystem.
The Coinbase developer ecosystem just had a major breakout moment. Activity on its x402 open-source protocol skyrocketed over the past week. The launch of the PING token largely fueled it. The first-ever token built using the x402 standard.
x402 Sees Record Growth
According to data from x402scan, the protocol’s transaction count surged 701.7% over the last seven days. It is hitting 163,600 transactions. The trading volume jumped an eye-popping 8,218.5%, reaching nearly $140,200. While the number of buyers soared by more than 1.5 million percent, totaling around 31,000 new addresses.
This explosive activity marks x402’s strongest performance since its launch by Coinbase’s developer platform. Analysts suggest that the PING token debut may have kick started broader adoption. For developers and retail users exploring token issuance through x402.
The PING Effect
The sudden rise in engagement came right after Ping Observer. A decentralized analytics project issued its PING token through the x402 protocol. Heavy demand met the token’s debut. It is propelling its market capitalization to over $20 million within days. The surge in PING’s trading volume and market cap triggered a spillover effect. That boosts overall x402 network usage and related “x402 concept tokens.”
These tokens are often tied to early experiments within the ecosystem. It saw noticeable spikes in price and liquidity. On-chain data shows that top-performing servers, such as ue1xscho.nx.link and api.ping.observer. They recorded tens of thousands of transactions and thousands of active buyers. With the majority of activity hosted on Coinbase’s Base chain.
Coinbase’s Developer Push Pays Off
The growth of x402 underscores Coinbase’s ongoing effort to empower developers through open-source innovation. The protocol is designed to help developers issue and manage tokens seamlessly across multiple apps and chains. In the past 30 days, overall x402 transactions jumped 629.5%. With more than 213,000 total transactions and $191,000 in trading volume.
The number of buyers has crossed 31,000, up by over 11,000%, while sellers increased by 137%. This expansion signals a growing community experimenting with Coinbase’s developer tools and on-chain APIs. An encouraging sign for the company’s broader strategy of onboarding new builders into its Base ecosystem.
Future Outlook for x402
As the PING token continues to trend, consequently, developers are likely to explore similar launches through x402. This, in turn, further drives its ecosystem growth. If the current momentum holds, ultimately, x402 could emerge as one of Coinbase’s most successful developer driven initiatives since Base itself. In summary, the x402 surge showcases the power of community-driven token launches. This proves that even a single project, when executed right, can ignite an entire on-chain movement.
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