The world of meme coins continues to captivate the cryptocurrency community, drawing attention from investors seeking massive returns as well as casual crypto enthusiasts entertained by their quirky nature. While they started as internet jokes or social experiments, meme coins have since evolved into a significant part of the crypto landscape. As of October 2024, major exchanges like Coinbase and Kraken have expanded their offerings to include several meme coins, and these listings have often led to significant price surges.
In this blog post, we’ll explore the new meme coins that Coinbase and Kraken have recently added, discuss how these listings could trigger explosive price movements, and analyze the potential risks and rewards of investing in meme coins.
New Meme Coins on Coinbase and Kraken
As meme coins gain more attention, major cryptocurrency exchanges have been quick to list the most popular ones, making them accessible to millions of traders worldwide. Let’s take a closer look at the most recent meme coin additions to both Kraken and Coinbase.
Meme Coins on Kraken
- Dogecoin (DOGE)
- Market Cap: ~$15 billion
- Overview: Originally created in 2013 as a joke, Dogecoin became a cultural icon in 2021, largely thanks to endorsements from celebrities like Elon Musk and Mark Cuban. Despite its lighthearted origin, it has since evolved into a widely accepted form of payment across various platforms, including gaming and e-commerce sites.
- Shiba Inu (SHIB)
- Market Cap: ~$8 billion
- Overview: Launched in 2020 as a “Dogecoin killer,” Shiba Inu set out to compete with DOGE by offering more features. It quickly rose to prominence, thanks in part to its low price per token, strong community support, and development in areas like staking, NFTs, and even metaverse integration.
- Memecoin (MEME)
- Market Cap: Not publicly disclosed
- Overview: A relatively new addition to Kraken, Memecoin launched in late 2023 and brands itself as “literally a meme coin” with no inherent utility or promises. Despite this lack of utility, MEME has garnered a loyal online following, proving once again that meme coins thrive on community engagement and speculation rather than fundamental value.
- Mog Coin (MOG)
- Market Cap: Not publicly disclosed
- Overview: Another newcomer to Kraken, Mog Coin describes itself as “the internet’s first culture coin.” Initially launched as an ERC-20 token, MOG has since implemented cross-chain bridging to Bitcoin, adding a technical innovation to its meme status.
- PopCat (CAT)
- Market Cap: Not publicly disclosed
- Overview: Inspired by the viral PopCat meme, CAT has gained quick popularity among the online community. Kraken’s listing of PopCat has made it more accessible, and its cute appeal may help drive speculative interest, similar to other viral meme coins.
- Turbo (TURBO)
- Market Cap: Not publicly disclosed
- Overview: Turbo is an experimental meme coin, known for its wild price fluctuations and strong community-driven marketing efforts. Kraken’s decision to list Turbo could add fuel to its speculative trading, as more users gain access to it.
Meme Coins on Coinbase
- Dogecoin (DOGE)
- Overview: As with Kraken, Coinbase offers Dogecoin, allowing traders on one of the world’s largest cryptocurrency platforms to buy, sell, and hold the largest meme coin by market capitalization.
- Shiba Inu (SHIB)
- Overview: SHIB continues to expand its presence across platforms, and Coinbase offers this coin as a part of its diverse listing portfolio. The ongoing development in staking and decentralized finance (DeFi) adds some level of utility to its meme-inspired origins.
- Pepe (PEPE)
- Overview: A newer meme coin based on the popular Pepe the Frog internet meme, Pepe has rapidly gained traction. While it doesn’t offer much utility beyond being a symbol of internet culture, its popularity continues to grow, especially after its listing on Coinbase.
- BONK (BONK)
- Market Cap: Not publicly disclosed
- Overview: A newer meme coin inspired by the Shiba Inu craze, BONK is often compared to its meme dog-themed predecessors. With its quirky branding and an enthusiastic online community, BONK’s listing on Coinbase may spark significant price activity. It is already garnering attention as a competitor to the top dog-themed coins.
🚀 $MEME is now listed on Kraken! 🎉@krakenfx is the easy, safe and secure way to trade crypto. It has been accelerating the global adoption of crypto since 2011 and is trusted by millions of people around the world. Grow your portfolio on Kraken today.
— Memeland ❤️ Memecoin (@Memeland) August 30, 2024
Learn more 👉🏼 @krakenfx… pic.twitter.com/qd7qkYi0td
The Impact of Exchange Listings on Meme Coin Prices
Meme coins tend to experience explosive price movements following their listing on major exchanges. This is largely due to increased accessibility and exposure to millions of traders who use platforms like Coinbase and Kraken. The influx of new traders can lead to price surges, often within hours or days of the listing.
Initial Price Surge Following Listings
When a meme coin gets listed on a major exchange, it often experiences a substantial price boost. For example, when DEGEN, a new meme token, was added to Coinbase’s listing roadmap, its price skyrocketed by 142% in just 24 hours. This phenomenon happens because of a FOMO (fear of missing out) effect, where traders rush to buy the coin, anticipating a sharp price increase post-listing.
Given the high volatility of meme coins, their prices can be extremely sensitive to such news. Kraken’s listing of Memecoin (MEME) and Mog Coin (MOG), for example, could provide the spark these coins need to jump in value, as they are now accessible to a much larger audience.
Accessibility and Trading Volume Increase
One of the most significant impacts of getting listed on an exchange like Coinbase or Kraken is the increased liquidity. Prior to a major listing, meme coins are typically traded on smaller decentralized exchanges (DEXs), where liquidity can be low, making it difficult for large trades to occur without slippage.
Once these coins are listed on a large platform, they become accessible to a global audience, increasing the daily trading volume and providing more liquidity, which can further drive up prices. Dogecoin and Shiba Inu have seen such effects after being listed on Kraken and Coinbase, as they became tradeable against major fiat currencies like USD and EUR, as well as other popular cryptocurrencies.
Speculative Trading and Volatility
Meme coins are inherently volatile, often driven by speculation, online trends, and social media hype rather than any fundamental utility. When they are listed on major exchanges, this volatility is amplified. Investors looking for quick profits flock to meme coins, hoping to ride the wave of hype to significant returns. However, this speculative trading can lead to rapid price swings and an unpredictable market environment.
Amplified Volatility
Meme coins like Pepe (PEPE) and Memecoin (MEME) are known for extreme price fluctuations. The simple act of being listed on a major exchange can trigger price spikes, but the market can also see quick corrections as traders take profits or as hype dies down. This behavior is seen across most meme coins, with Shiba Inu and Dogecoin experiencing massive swings in the past.
Influence of Exchange Reputation
Another factor in meme coin price movement is the credibility boost that comes with being listed on major exchanges. Platforms like Coinbase and Kraken are seen as more reputable and secure, so when a meme coin is listed, it gains a level of validation in the eyes of traders. This legitimacy can attract speculative traders who would otherwise be hesitant to buy such coins on smaller or less regulated exchanges.
Long-Term Considerations for Meme Coin Investors
While the potential for explosive gains is part of the appeal, meme coin investors must also consider the long-term sustainability of these assets. Most meme coins, by design, do not offer much in terms of intrinsic value or use cases, making them highly speculative investments.
Sustainability Challenges
Meme coins like Memecoin (MEME) and Mog Coin (MOG) exemplify this risk. Their communities are highly active, but their long-term viability is questionable due to the lack of real-world use cases or intrinsic utility. In the short term, these coins may experience price surges fueled by hype, but maintaining those price levels is challenging without ongoing development or utility beyond memes and speculation.
Regulatory Scrutiny
Another factor to consider is the potential for regulatory scrutiny. As meme coins become more popular and are traded on larger exchanges, regulators may take a closer look at their impact on the market. Increased scrutiny could lead to regulations that curb speculative trading or impose limits on meme coin investments. This is especially true if meme coins are seen as driving unsustainable volatility in the broader crypto market.
Conclusion: Are Meme Coins on the Verge of Another Boom?
The recent listings of meme coins like Memecoin (MEME), Mog Coin (MOG), and Pepe (PEPE) on platforms like Coinbase and Kraken have the potential to spark another meme coin boom. The increased exposure and accessibility provided by these exchanges are likely to drive up prices in the short term, as traders rush to capitalize on the hype.
However, investors should be cautious and recognize the risks involved. Meme coins are highly speculative and can be subject to extreme price volatility. While the promise of massive returns is enticing, it is essential to approach these investments with a clear understanding of the potential downsides, including sustainability concerns and regulatory risks.
As always, keeping an eye on future listings and market developments is key to making informed decisions in the rapidly evolving world of meme coins.
