Coinbase is listing Reserve Rights (RSR), a dual-token stablecoin platform aimed at creating a collateral-based self-regulated stablecoin ecosystem. Following the announcement, Binance's 'smart money' traders are increasing their Longing positions on altcoins.
The new SEC Chairman Paul Atkins was an initial advisor to RSR but currently has no active connection with the project. Nevertheless, RSR speculators can expect some benefits from this historical association.
Coinbase Lists RSR... New Interest
RSR has been active since 2019. It aims to innovate the stablecoin ecosystem. It is an ERC-20 utility and governance token supporting the Reserve Protocol. The dual-token system is designed to peg the Reserve stablecoin (RSV) to one dollar. RSR is a non-stablecoin that provides governance and backstop insurance.
The asset's valuation peaked in 2021. It was quiet afterward but gained attention again in 2024. Today's Coinbase listing announcement caused RSR to rise nearly 10%.
Coinbase first announced the listing of RSR about 3 weeks ago. Coinbase listings typically cause significant token surges. This case was no exception.
An interesting side effect has occurred. As the asset prepares to debut on Coinbase, top traders on Binance are showing strong upward positions.
On Binance, the top trader Long/Short ratio measures the Long percentage of total positions held by the top 20% of accounts by margin balance. A 65.48% Long ratio indicates these "smart money" participants are overwhelmingly betting on price increases.
Meanwhile, besides the Coinbase listing, RSR is gaining attention through its connection with the new SEC Chairman Paul Atkins. Atkins publicly disclosed crypto investments and, while currently having no connection with RSR, initially joined as an advisor to the Reserve Rights Foundation.
After Atkins successfully passed his confirmation hearing, RSR recorded an impressive 22% rally. Technically, he has not yet been inaugurated as chairman. However, traders are clearly expecting an upward trend.
Atkins promised crypto-friendly reforms. This connection could disproportionately influence his former colleagues.
No one claims Atkins will engage in corruption to unfairly boost RSR. However, after becoming president, Trump family members have been involved in several controversial crypto transactions. This precedent could make traders believe in the importance of political connections.
Currently, market narrative is extremely important in this industry. As Atkins officially begins his career as SEC chairman, RSR may continue to receive indirect benefits.
