Coinbase further signaled its acceptance of meme coins on Wednesday, announcing its intentions to support trading for Gigachad (GIGA) and Turbo (TURBO) by adding the tokens to its listing roadmap.
GIGA and TURBO tokens both saw swift upward price movements, jumping 37% and 15% respectively in the hour after the announcement from the Coinbase Assets account on X (formerly known as Twitter).
Though announced together, the tokens come with distinct backstories and communities from two separate blockchains.
Gigachad, based on the meme of a hyper-muscular male model, is a Solana-based token that has risen to prominence this year, curating an enthusiastic community of supporters—one so enthusiastic that he decided to get the contract address tattooed on his chest, albeit incorrectly.
The token, which briefly spiked to near $700 million on the roadmap announcement, has since retraced to just more than $500 million, settling 28% off its all-time high according to CoinGecko.
Turbo, on the other hand, is an Ethereum-based meme coin that was created using a $69 budget and ChatGPT. Its price has surged this year alongside other AI-related crypto tokens, jumping more than 6,000% according to CoinGecko.
After jumping to more than a $625 million market cap at the time of the announcement, Turbo has since retraced to a $574 million market cap, 36% off its all-time high.
The pair makes seven new meme coins listed or soon to be listed on Coinbase’s exchange in recent weeks, following MOG and MOODENG, which Coinbase added to its listing roadmap this week. MOODENG is set to start trading later today, with MOG trading to follow on Thursday.
In the case of each roadmap announcement, a notable price spike occurred within the first hour, with the token falling more slowly in the hours that followed. It is well documented that coins move upward on Coinbase listings, dubbed the “Coinbase Effect.”
Meme coins are tokens typically based on popular memes or cultural references. They are often more volatile and riskier than major crypto assets, but have risen in popularity this year thanks to platforms like Pump.fun that have made it easier and cheaper for anyone to launch tokens.
Edited by Andrew Hayward
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Logan Hitchcock
https://decrypt.co/294868/coinbase-pumps-meme-coins-listing-plans
2024-12-04 17:12:10
