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Centrifuge (CFG) rose more than 17% over the past 24 hours, extending a multi-week uptrend. The token is up 39% over the past seven days, with momentum described as still strong.
The rally followed an announcement at Consensus 2026 that Coinbase would tokenize the S&P 500 on Base using Centrifuge. The announcement was made by Base creator Jesse Pollak.
Coinbase said Centrifuge would serve as its official tokenization infrastructure partner. The tokenized S&P 500 on Base is set to trade under the ticker deSPXA, in partnership with S&P Dow Jones Indices and managed by Janus Henderson. The tokenized asset market cap was cited at around $30 billion.
While the partnership supports Centrifuge’s push into real-world assets (RWA), Centrifuge CEO Bhaji Illuminati said it would take more than sales to grow CFG’s total value locked (TVL) from $1.5 billion to $10 billion. He also emphasized that the focus should be on acquiring the right assets on-chain.
During the period when CFG’s price retraced, Centrifuge’s TVL was reported at $1.686 billion, representing growth of over $500 million. The TVL previously reached a peak of $2.06 billion before dropping slightly.
Token holder growth was also highlighted: the number of CFG holders increased from 9.21K to 9.77K over the past 30 days.
The partnership announcement was associated with net buying of over 6.55 million CFG, according to net volume. Although buying later eased, it remained positive.
On the charts, CFG was described as trading above the Ichimoku Cloud, which acted as support. The token was also said to be respecting a steep trendline support and breaking out of a consolidation range between $0.1964 and $0.2134.
CFG pushed slightly past a resistance level at $0.2944. The article noted uncertainty about whether this level can be surpassed, adding that it could limit further gains. It also referenced that this resistance previously contributed to a 90% retracement of the mid-April move from $0.1857 to $0.2993.
The announcement of 24/7 trading of the tokenized S&P 500 on Base—backed by Coinbase and enabled through Centrifuge—appears to have driven the near-term surge in CFG. However, the article suggests that the $0.2944 resistance zone remains a key factor to watch, given its role in a prior sharp retracement.
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