Coinbase 2024 Memecoin Listings Overview
Coinbase has added 34 tokens to its listing roadmap this year, of which only 7 are Memecoins, accounting for 20.58%. Notably, 71% of these tokens have a market capitalization exceeding $500 million. Compared to Binance, how does Coinbase differ in terms of listing frequency, token selection style, and listing impact? What are the patterns and network distribution of its listings?
1. Preliminary Notes
Pre-Announcement Market Cap: Calculated based on the closing price the day before Coinbase posted the roadmap update.
Scope of Statistics: Only Coinbase’s listings are considered. The international platform is excluded since it caters solely to institutions outside the U.S., with limited relevance to retail investors.
2. Timing Distribution
Coinbase has added 34 tokens to its roadmap so far in 2024.
Memecoin Listings Timing: Concentrated after October, with 7 listed during this period. This aligns closely with Binance’s timing, coinciding with a lull in altcoins and a surge in the memecoin sector.
As a Reference: Binance has listed 14 Memecoins since October.
3. Network Distribution
Compared to Binance, where over 60% of listed Memecoins are on Solana, Coinbase shows no strong preference for Solana:
Ethereum Mainnet: 57%
Solana & Base: Each at 28.6%
BSC: Represented by one token (some tokens are deployed on multiple networks, leading to overlap in percentages).
4. Listing Patterns
Market Cap: All listed tokens have a market cap exceeding $100 million, with 71% surpassing $500 million. No small-cap tokens like NEIRO or ACT (recent Binance listings) have been included.
Binance Influence: Coinbase appears to reference Binance's standards. Except for DEGEN, all Memecoins listed on Coinbase were added after Binance, with a gap of at least one month.
Cautious Approach: Coinbase adopts a conservative stance. Apart from MOODENG, a recent breakout star, all other listed Memecoins are "veterans" that have been validated by the market and community over a significant period.
5. Comparison with Binance
Listing Frequency: Since October, Binance has listed Memecoins at twice the frequency of Coinbase.
Token Selection Style: Binance is more aggressive and open to embracing community-hyped newcomers, even those with lower market caps.
Listing Effect: Short-term listing effects are less pronounced on Coinbase compared to Binance. This is primarily because Coinbase selects tokens with already high market caps, limiting the buying frenzy unless multiple bullish factors converge, as seen with $PEPE.
Conclusion
From the perspective of short-term price pumps and liquidity enhancement, Memecoin listings on Coinbase do not have the same impact as those on Binance or Upbit. However, being listed on the largest regulated U.S. exchange may carry stronger long-term branding value, offering unique benefits beyond immediate trading gains.
