Coinbase Accelerates Listings with 16 Announcements Since Election
If you need reassurance that working with crypto is becoming easier, consider the recent acceleration in Coinbase listings.
Coinbase Listing Trends
Over the past two years, leading up to the November election, Coinbase announced 88 listings for its US exchange, averaging 3.8 per month. Since Trump's win last month, there have been 16 additional announcements, including listings for New York.
Memecoins on Coinbase
Among the newly listed coins, seven are memecoins: WIF, PEPE, and FLOKI were added in mid-November, with WIF becoming available to New York residents recently. These are established memecoins with significant followings, contrasting with lesser-known tokens.
Previously, only one memecoin, BONK, was listed by Coinbase in the last two years. BONK became available in New York earlier this year.
Regulatory Considerations
Coinbase has historically been slow to list a full range of coins for New York residents due to regulatory challenges from the Attorney General’s Office concerning securities lawsuits.
Recent Additions
Post-election, Coinbase has also introduced other notable coins such as Helium's MOBILE, DEGEN, ARB, SEI, AIOZ, 1INCH, EGLD, and SD in New York.
Financial Implications
Coinbase's increased focus on memecoins aligns with its revenue model, as these tokens generate substantial trading volume and fees. However, the potential impact on Coinbase's valuation remains uncertain amid regulatory scrutiny. The share price of Coinbase has closely mirrored Bitcoin's performance over the past year but has slightly underperformed recently. While market expectations may be factoring in revenues from a potential memecoin surge, those gains are not yet evident, though MOODENG has more than doubled in value.