A summary of the Memecoins launched on Coinbase in 2024
From the perspective of the pump effect and enhanced liquidity, the listing of Memecoin on Coinbase is not as effective as its listing on Binance or Upbit. However, the "brand effect of being listed on the largest compliant exchange in the U.S." may bring stronger long-tail value.Author: Ai Yi
This year, Coinbase has added a total of 34 tokens to its listing roadmap, of which only 7 are Memes, accounting for 20.58%. Additionally, 71% of the token market values exceed $500 million. How does Coinbase's listing frequency / token selection style / listing effect differ from Binance? What are the listing patterns and network distribution like?
1. Introduction
Market value before announcement: Calculated based on the closing price the day before the listing roadmap tweet. Statistical scope: Only shows Coinbase's listing situation; the international site is not included (the international site is only for institutions outside the U.S., and retail investors cannot participate, so the reference significance is limited).
2. Time Distribution
Since 2024, Coinbase has added a total of 34 tokens to its listing roadmap. The launch of Memecoins is mainly concentrated after October, with 7 launched in quick succession. This timing is roughly consistent with Binance, coinciding with a period of weakness in altcoins while the "shitcoin" sector is thriving. For reference, Binance has launched a total of 14 Memecoins since October.
3. Network Distribution
Compared to Binance, where over 60% of launched Memes are distributed on Solana, Coinbase does not show a clear preference for Solana: Ethereum mainnet tokens account for 57%, while Solana and Base each account for 28.6%, with one on the BSC network (some tokens are deployed on two networks, hence the overlapping proportions).
4. Listing Patterns
All launched tokens have a market value exceeding $100 million, with 71% exceeding $500 million. So far, there have been no instances of small market cap tokens like NEIRO / ACT being listed on Binance.
To some extent, Coinbase has referenced Binance's listing standards; except for the earliest DEGEN, the launch times of other Memes are all later than Binance's, with at least a month in between.
The attitude is relatively cautious; apart from MOODENG, which is a recent newcomer, the other listed tokens are "old faces" that have been validated by the market and community for quite some time, indicating that Coinbase is conservative regarding the listing of Memecoins.
5. Horizontal Comparison with Binance
Listing frequency: Since October, the number of Memecoins listed by Binance is twice that of Coinbase, indicating a significantly higher frequency.
Listing style: Binance's approach to entering the Memecoin sector is noticeably more proactive and open, actively embracing new tokens with high community interest, even if their market value is relatively low.
Listing effect: In terms of proportion, Coinbase's short-term listing effect is clearly inferior to that of Binance, mainly because the tokens selected by the former already have high market values, limiting the buying pressure from positive listings. Only when multiple positive factors overlap or substantial backing is involved can significant price increases occur, such as with $PEPE.
Conclusion
From the perspective of price-driving effects and enhanced liquidity, the listing of Memecoins on Coinbase does not have the same effect as on Binance or Upbit. However, the "brand effect of being listed by the largest compliant exchange in the U.S." may bring stronger long-tail value.
