ambcrypto.com
Centrifuge [$CFG] has gained more than 17% in the past 24 hours, amplifying its multi-week uptrend. The gains over the past seven days have reached 39% with momentum still looking strong.
As tokenization gains pace, Centrifuge is positioning itself to be a leader in the real-world asset (RWA) sector, especially after Coinbase’s investment.
Coinbase tokenizing on Base Chain through Centrifuge
Centrifuge launched 24/7 trading of the S&P 500 on Base Chain for non-U.S. users. The announcement was made at Consensus 2026 by Base creator Jesse Pollak.
This news came after Coinbase invested in the Layer 1 blockchain that specializes in bringing traditional finance on-chain. Centrifuge became Coinbase’s official tokenization infrastructure partner.
The tokenized S&P 500 in Base will trade under the ticker deSPXA. The product was made available in partnership with S&P Dow Jones Indices, managed by Janus Henderson.
The tokenized asset market cap is around $30 billion. However, the CEO of Centrifuge, Bhaji Illuminati, believed it would take more than sales to push the TVL of $CFG from $1.5 billion to $10 billion, but it was gradually becoming a possibility.
With regard to this partnership, Bhaji said,
What matters now isn’t getting assets onchain, it’s getting the right assets onchain in the right way,
A look into Centrifuge’s chain activity
The current TVL of Centrifuge stood at $1.686 billion, a growth of over $500 million during its price retracement period. The TVL had reached a peak value of $2.06 billion before dropping slightly. The value aligned with the projection of Bhaji Illuminati.
Additionally, the number of holders of the $CFG token has been growing steadily over the past 30 days. This figure increased from 9.21K to 9.77K at the time of writing.
$CFG bulls eyeing a price breakout
On the charts, $CFG was trending upwards with the price trading above the Ichimoku Cloud, which acted as support.
The altcoin appears to be respecting a steep trendline support. The rally came after breaking out of a consolidation range between $0.1964 and $0.2134.
The partnership announcement resulted in the purchase of over 6.55 million $CFG, as indicated by the net volume. However, buying has greatly reduced, though it remains positive.
Worth noting, the altcoin has pushed slightly past the resistance level at $0.2944. It remains uncertain if this level can be surpassed, though signs were suggesting so.
Still, the level could hinder further appreciation. Previously, the level resulted in a 90% retracement of the move that happened in mid-April, from $0.1857 to $0.2993.
Final Summary
- Centrifuge surged 17% after launching 24/7 trading of the tokenized S&P 500 on Base Chain with Coinbase backing.
- $CFG was eyeing the $0.30 zone to flip, but the same resistance zone resulted in almost a full retracement of the previous rally.