Coinbase listings will give you a lot of reassurance about the ease with which crypto trading is going to become.
Coinbase listing rates have 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.
Seven of the new coins are memecoins. WIF, FLOKI, and PEPE were listed by Coinbase mid-November. The former has been opened up to New Yorkers this week.
Those memes aren’t from pump.fun. These are well-established memecoins that have a large following. They were seen repeatedly pestering Coinbase over the years to list them on X.
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.
Coinbase listed BONK (December 2023) as the only memecoin before Trump’s victory. Coinbase made BONK accessible in New York in May.
The Attorney General’s Office has a tendency to bring securities cases, which is why Coinbase exchanges and others are slow to make their coins available to New York residents.
Coinbase has also endorsed other coins that are more substantial since the elections. Helium’s MOBILE coin is available now in New York along with DEGEN, ARB SEI AIOZ 1INCH EGLD SD EGLD SD.
Coinbase’s investment in memecoins at this level is absolutely necessary for its business. Memecoins generate volume, which Coinbase can directly translate into trading fees.
Despite the potential for a recalcitrant SEC to impede this decision, it is likely that this was long overdue. Its actual impact on Coinbase may not be as easy to convert heading into the second Trump term.
Coinbase’s share price tracked bitcoin’s price almost perfectly over the last year. However, it has slightly underperformed in comparison to Bitcoin during the past two week.
It’s still not clear if the market has priced in possible revenues from a supercycle of memecoins powered by Coinbase. MOODENG’s value has doubled.
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