Pump and Listing

The pattern where a token rises sharply in the hours or days before a major exchange (Coinbase, Binance, etc.) lists it, then collapses after listing as insiders distribute to the influx of new buyers. Sometimes called the 'Coinbase effect' or 'listing pump.' The dynamic is partially driven by leaked or inferred listing knowledge and partially by retail anticipation. Listings on a Tier-1 exchange remain structurally different from listings on a Tier-3 exchange — the latter often has the opposite effect because pre-listing trading concentrated demand that disperses at listing.