In a streak of meme token expansion, Coinbase added Gigachad (GIGA) and Turbo (TURBO) to its roadmap. The addition arrives just days after the rapid listing of Moodeng (MOODENG) and the addition of Mog Coin (MOG) to the upcoming asset roadmap.
Coinbase Assets detailed its plans to list Solana-based Gigachad (GIGA) and Turbo (TURBO), after adding the tokens to its roadmap.
GIGA was considered one of the most decentralized tokens, with no overwhelming influence from whales.
Turbo (TURBO) was the first AI narrative token, launched in May 2023. The asset relies on a wide social media community, which has held through periods of stagnation and drawdowns. TURBO is also the first AI agent token to be added to Coinbase.
The roadmap does not engage with a time period to list the assets, though, in the case of Moodeng (MOODENG), the listing happened just hours after stating the intention. The focus on GIGA and TURBO arrives as Binance US plans to start Pepe (PEPE) trading from December 5. The addition of new meme tokens to high-exposure exchanges is extending the narrative of a meme super cycle.
Coinbase targets mid-range tokens
Both GIGA and TURBO are stuck in the range of $500M to $600M in market capitalization. Even the listing of MOODENG and MOG did not help the assets rally above the $1B mark, which is still reserved for fewer than a dozen tokens.
In the short term, listings are giving tokens more exposure, but not dramatically altering their competitive powers. Blue chip memes still rule the roost, keeping the market above a total valuation of $121B.
GIGA will be listed in its Solana-based version, with 54,022 holders. TURBO is an Ethereum-based token with 44,429 holders. The Coinbase listings come after a series of meme-friendly developments, including the launch of the PancakeSwap meme launch platform and the testing of new memes on XRPL.
The addition of GIGA also supports the meme selection of influencer Murad Mahmudov, as one of the top cult memes. GIGA is expanding its influence, along with SPX6900 (SPX), which was recently added to KuCoin.
The meme listings are extending the season for those social media tokens, while the dino altcoin rally competes for attention.
GIGA, TURBO already gained representation
Coinbase listings add to the meme narrative but do not make a great difference for the selected tokens. The exchange focuses on already liquid memes, which are advanced in their life cycle.
GIGA still relies on Raydium and may see a bigger effect from the listing when the spot market opens. The token rallied to $0.058 from a recent low of $0.042, though still under its one-month peak.
TURBO peaked at $0.009 from $0.0075, a relatively minor rally. TURBO has already been exposed to OKX trading and is listed on Bitget and Crypto.com, so Coinbase will only add a smaller stream to its mainstream adoption. Both TURBO and GIGA showed increased decentralized activity after the Coinbase announcement. High-activity clusters have appeared in both cases, shifting tokens in preparation for more active trading.
Neither TURBO nor GIGA have appeared in the wallets of Wintermute. The market maker is one of the indicators for the promising future of memes and has accrued some of the more prominent tokens, including those with a spot market on Binance.
Coinbase shows relatively small activity for its short list of memes. The most recent addition before Moodeng was Bonk (BONK), the widely held Solana-based asset, considered a blue chip meme. Coinbase is yet to show if the new listings will generate hype. In the short term, MOODENG did not re-enter price discovery, only recovering from its local lows.
Meme tokens may take a while to gain mainstream traction, as they are appealing to direct DEX users. Coinbase has long relied on heavily vetted and regulated assets, only to branch into memes with no utility. Memes retain the advantage of not being considered unregistered securities but pose a different challenge to centralized exchanges – extreme volatility and connected wallets that sniped the supply early.
A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
