Coinbase pumps Ethereum and Solana meme coins with latest listing plans

Coinbase also signaled its acceptance of meme coins on Wednesday and announced its intention to support trading for Gigachad (GIGA) and Turbo (TURBO) by adding the tokens to its listing roadmap.

Both GIGA and TURBO tokens saw rapid bullish moves, rising 37% and 15% respectively in the hour following the announcement from Coinbase Assets account to X (formerly known as Twitter).

Although they were announced together, the tokens have different 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 gained traction this year and has curated a passionate community of supporters – one that is so enthusiastic He decided to have the contract address tattooed on his chestalbeit wrong.

The token, which briefly rose to nearly $700 million upon the roadmap announcement, has since declined to just over $500 million. 28% below its all-time high according to CoinGecko.

Turbo, on the other hand, is an Ethereum-based meme coin was created on a budget of $69 and ChatGPT. The price has increased this year among other AI-related According to CoinGecko, the crypto token surge increased by more than 6,000%.

After reaching a market value of more than $625 million at the time of the announcement, Turbo has since fallen to a market value of $574 million, 36% below its all-time high.

The pair has listed or will soon list seven new meme coins on the Coinbase exchange in recent weeks MOG And MOODENGwhich Coinbase added to its listing roadmap this week. MOODENG is scheduled to begin trading today, with MOG trading to follow on Thursday.

Each roadmap announcement saw a significant price increase within the first hour, with the token falling more slowly in the following hours. It is well documented that coins are rising up the Coinbase listings, which is referred to as “Coinbase effect.”

Meme coins are tokens typically based on popular memes or cultural references. They are often more volatile and risky than major crypto assets, but are enjoying great popularity this year thanks to platforms such as: B. growing popularity Pumping fun This has made it easier and cheaper for everyone to adopt tokens.

Edited by Andrew Hayward