Key Points
Coinbase, a publicly traded company, has outlined its 2024 token listing strategy. This strategy seems more calculated compared to its competitors, with a focus on high-market-cap meme coins. The company also shows a preference for Ethereum (ETH) and Base (BASE) networks over Solana (SOL) or BNB Chain (formerly Binance Smart Chain).
Meme Coin Listings
An on-chain analyst known as “ai_9684xtpa” revealed in a thread on Dec. 10 that Coinbase’s 2024 roadmap includes 34 new tokens. Out of these, seven are meme coins, constituting 20.58% of the total. Furthermore, about 71% of these meme coins have market values exceeding $500 million. This suggests that Coinbase prioritizes larger assets compared to its rivals.
Since October, Coinbase has seen an increase in meme coin listings. This coincides with a surge in interest in “dog coins” as alternative tokens. A similar trend is observed on Binance, which has also added 14 meme coins since October.
Despite the shared increase in meme coin activity, Coinbase exhibits a different approach to network distribution. As per the analyst, while Binance hosts over 60% of its meme coin listings on Solana, most (57%) of Coinbase’s meme coins are on Ethereum. Solana and Coinbase’s own layer 2 network, Base, each account for 28.6%.
The analyst also highlighted that Coinbase tends to be more cautious than its competitors. Meme coin listings on Coinbase usually happen at least a month after they appear on Binance.