Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
What Coinbase listings say about crypto in the US

What Coinbase listings say about crypto in the US

BlockworksBlockworks2024/12/04 03:55
By:Blockworks

Since Trump’s win, Coinbase has made 16 listing announcements specific to the US


This is a segment from the Empire newsletter. To read full editions, subscribe .

If you need any more reassurance that working with crypto is tipped to get easier, look no further than Coinbase listings.

In fact, the rate of Coinbase listings has rapidly accelerated.

Over the past two years, until the election in November, the exchange had made 88 listing announcements specific to the US — an average of 3.8 listings per month.

Since Trump’s win around this time last month, Coinbase has made 16 such announcements — either for its flagship US exchange or specifically for the state of New York.

Newsletter

Subscribe to Empire Newsletter

Subscribe

Of those new coins, seven are related to memecoins: WIF, PEPE and FLOKI were all listed on Coinbase in mid-November, while the former was opened to New York residents this week.

Those aren’t micro-cap memes from pump.fun. They are hugely popular established memecoins with vocal followings, which were often seen pestering Coinbase to list the tokens on X over the years.

Coinbase then added MOODENG on Monday — an actual pump.fun coin — capping off a pent-up meme rollout that felt like years in the making.

Loading Tweet..

Prior to Trump’s win, Coinbase had only listed one memecoin in the past two years, BONK, in December 2023. The exchange then made BONK available in New York earlier this year, in May.

Coinbase and other exchanges have been historically slow to offer their full suite of coins to New York residents, on account of the Attorney General’s Office’s penchant for securities lawsuits . 

Other, more substantive coins have been given the Coinbase nod since the election. Helium’s MOBILE is now available in New York alongside DEGEN, ARB, SEI, AIOZ, 1INCH, EGLD, and SD. 

Still, Coinbase opting into memecoins to such a degree makes absolute sense for its bottom line. Memecoins bring volume which directly converts to trading fee revenue for Coinbase. 

The move, while potentially hindered by the continued potential of a disagreeable SEC, was probably overdue. But its actual impact on Coinbase’s own valuation may not convert so easily heading into a second Trump term.

Coinbase’s share price has tracked bitcoin’s price performance almost exactly over the past year and has been slightly underperforming against it in the past two weeks. 

If the market is indeed pricing in potential revenues from a memecoin supercycle powered by Coinbase, it’s not yet showing up. MOODENG, though, has more than doubled, so there’s that.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter .

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter .

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags
  • Coinbase
  • Donald Trump
  • Empire Newsletter
  • meme coins
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitcoin Policy Institute drafts a presidential executive order for Trump’s Strategic Bitcoin Reserve

Share link:In this post: The Bitcoin Policy Institute drafted an Executive Order for a Strategic Bitcoin reserve for president Trump. The order aims to expand the diversity of assets held within the ESF to safeguard national economic security. The SBR will be subject to regular audits and stringent security standards to ensure accountability and security.

Cryptopolitan2024/12/18 11:22

Scammers use fake Ledger data breach emails to steal crypto

Share link:In this post: Ledger users have reportedly received phishing emails presented as data breach alerts to steal funds. The message is said to lead to fake sites where users validate their recovery phrases, tricking them into revealing wallet access keys. Ledger has urged its users to avoid email links and secure recovery phrases offline.

Cryptopolitan2024/12/18 11:22

Taking stock of crypto predictions for 2025

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

Blockworks2024/12/18 11:11