If there’s money to be made in the crypto markets, you can bet traders will be the first on the scene.

Such was the case at least last week, when Coinbase Pro, the cryptocurrency trading platform operated by San Francisco startup Coinbase, announced it would list the cryptocurrency 0x (ZRX), a move that put the “Coinbase effect” on display when ZRX surged nearly 40 percent on the news.

That perhaps isn’t so much of a surprise. Coinbase is the largest U.S. cryptocurrency exchange by volume, and recently valued at $8 billion because of its millions of users, a common byproduct of new listings is a double-digit price surge.

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