The announcement of the imminent listing of TURBO and GIGA Coinbase resulted in a 15% and 37% upsurge respectively.
Coinbase has listed several memecoins in the last few weeks, thus increasing its overall trading volumes.
Bitcoin faces growing competition as altcoins gain momentum, with Coinbase Global Inc. (NASDAQ: COIN) capitalizing on this trend through strategic memecoin listings across multiple chains. Recent additions have notably boosted the exchange’s trading volumes.
As , Coinbase Global has already listed frog-themed Pepe , dog-themed Floki , Dogwifhat , and Moo Deng , among many others. The cryptocurrency exchange is counting on the goodwill of the upcoming Trump administration, which has made several promises to the crypto industry upon inauguration early next year.
Coinbase to List Turbo and GIGA
Earlier today, Coinbase announced that it has added Ethereum -based Turbo to the roadmap for imminent listing. Following the announcement, TURBO price surged over 15 percent in the past 24 hours to trade at about $0.0085 on Wednesday during the mid-New York session.
The small-cap memecoin, with a fully diluted valuation of about $578 million and a daily average trade volume of over $287 million, has rallied more than 50x in the past year following the listing on Binance Holdings. According to on-chain data, TURBO has grown to more than 44k holders with a DeFi liquidity in WETH of over $590k.
The TURBO token has gained popularity due to the fact that it is made by OpenAI’s ChatGPT-4 artificial intelligence (AI). The community-backed memecoin is now listed on more than 110 crypto exchanges for spot trading including KuCoin, Kraken, Crypto.com, and OKX, among others.
Coinbase also that it has added Gigachad to the roadmap for imminent listing in the near future. The Solana-based memecoin, with a fully diluted valuation of about $510 million and a daily average traded volume of over $42 million, surged over 37 percent to trade about $0.051, following the Coinbase announcement.
With a locked liquidity of more than $6.8 million, GIGA has attracted more than 54k on-chain holders. In the past 24 hours, GIGA token registered more than 11.7k buy transactions against 8.7k sellers.
The imminent listing on Coinbase could give GIGA more spotlight and potentially a listing in Binance soon.
Bigger Picture
The highly anticipated bullish breakout for to its price discovery phase will trigger the next memecoin season. Furthermore, the Elon Musk-backed dog-themed memecoin has led to a bullish breakout following the victory of pro-crypto leaders, including President-elect Donald Trump.
Additionally, the crypto cash rotation is currently favoring the utility-based altcoins led by XRP, Tron (TRX), and Binance (BNB). As of this report, the memecoin market cap has grown to more than $130 billion and a daily average traded volume of over $27 billion.
