PANews reported on December 10 that on-chain analyst @ai_9684xtpa released an inventory of Meme coin projects that Coinbase has launched in 2024. The content is as follows: Coinbase has added a total of 34 tokens to the listing roadmap this year, of which only 7 are Memes, accounting for 20.58%, and as many as 71% of the tokens have a market value of more than US$500 million.
Regarding the time distribution, Coinbase's launch of Meme coins is mainly concentrated after October, which is basically the same as Binance. It happens to be the period when the copycat track is sluggish and the local dog track is booming. For reference, Binance has launched a total of 14 Meme coins since October.
Regarding network distribution, compared to Binance, where more than 60% of the memes listed are distributed on Solana, Coinbase’s preference for Solana is not obvious: Ethereum mainnet tokens account for 57%, Solana and Base each account for 28.6%, and there is also a BSC network (some tokens are deployed on both networks at the same time, so there is overlap in the proportions).
Regarding the listing rules: ① The market value of all listed tokens exceeds 100 million US dollars, and even 71% exceeds 500 million US dollars. At present, there seems to be no small-cap tokens like Binance listing NEIRO/ACT; ② To a certain extent, the listing standards of Binance are referenced. Except for the earliest DEGEN, the listing time of other Meme tokens is later than Binance, and at least one month apart; ③ The attitude is relatively cautious. Except for MOODENG, which is a recent newcomer, the other listed tokens are "old faces" and have been verified by the market and the community for quite a long time. This shows that Coinbase is conservative about listing Meme coins.
Regarding the horizontal comparison with Binance, ① coin listing frequency: Since October, the number of Meme coins listed on Binance is twice that of Coinbase, which is much higher; ② coin listing style: Binance's attitude towards entering the Meme coin track is obviously more positive and open, and it will actively embrace new tokens with high community popularity, even if their market value is lower; ③ coin listing effect: In terms of proportion, Coinbase's short-term coin listing effect is obviously inferior to Binance, mainly because the market value of the tokens selected by the former is already very high, and the buying stimulus brought by the listing benefits is limited. Unless multiple benefits are superimposed or the funds behind it cooperate, it can bring a significant increase, such as PEPE.
The analyst concluded that as a compliant exchange at the center of the regulatory storm, Coinbase's cautious attitude towards listing coins is understandable. From the perspective of pulling the market and enhancing liquidity, the effect of Meme Coin listing on Coinbase is not as good as listing on Binance or Upbit, but the "brand effect of being listed on the largest compliant exchange in the United States" may bring stronger long-tail value.
