On December 4, 2024, Coinbase announced its intent to support the trading of two new meme coins—Gigachad (GIGA) and Turbo (TURBO)—by adding them to its listing roadmap. This move marked a significant recognition of meme coins within Coinbase’s platform, further broadening its offerings in a growing segment of the cryptocurrency market. Following the announcement, both tokens experienced sharp price increases, with GIGA jumping 37% and TURBO rising 15% within an hour. This swift market reaction underscored the so-called “Coinbase Effect,” where cryptocurrencies often see an initial surge in value upon being listed or even announced for future listing on the exchange.
Gigachad (GIGA) is a Solana-based token inspired by a viral meme depicting an exaggeratedly muscular male figure. The token has garnered considerable attention and enthusiasm from its community, exemplified by one supporter’s decision to tattoo the token’s contract address on his chest, albeit incorrectly. Initially, GIGA’s market cap soared to nearly $700 million following Coinbase’s announcement, but it subsequently retraced to just over $500 million, marking a decline of 28% from its all-time high as reported by CoinGecko. This phenomenon illustrates the volatility often associated with meme coins, where prices can fluctuate wildly based on market sentiment and speculation.
In contrast, Turbo (TURBO) is an Ethereum-based meme coin that was innovatively created with a modest budget of just $69, utilizing ChatGPT in its development. This approach reflects a broader trend of integrating AI into the cryptocurrency space. Turbo’s valuation skyrocketed alongside a surge in popularity for AI-related tokens and saw a remarkable increase of over 6,000% this year alone. After soaring to a market cap of more than $625 million at the time of Coinbase’s announcement, TURBO later adjusted to a valuation of $574 million, revealing a 36% drop from its all-time high. The distinct founding stories of GIGA and TURBO further illustrate the unique characteristics and backstories associated with new meme coins.
Following the announcement of GIGA and TURBO, Coinbase has now lined up a total of seven new meme coins for listing or anticipated listing. This trend includes MOG and MOODENG, both of which were added to the listing roadmap concurrently with GIGA and TURBO. MOODENG is set to begin trading shortly after the announcement, while MOG’s trading is scheduled to follow soon after. It is noteworthy that each recent announcement on the Coinbase roadmap has followed a pattern of initial price spikes, after which the price settles at a slower pace, reinforcing the dynamic nature of meme coins in trading environments.
Meme coins fundamentally derive their appeal from popular memes or cultural references, engaging diverse communities of followers and creating speculative investments within the broader cryptocurrency landscape. Although these tokens are generally considered more volatile and risky compared to established digital assets like Bitcoin or Ethereum, their popularity has surged remarkably. Platforms such as Pump.fun have democratized and simplified the process for individuals to launch their own tokens, often characterized by humor and community engagement, thus driving greater interest in new meme coin projects.
Overall, the announcement from Coinbase about supporting GIGA and TURBO signifies a strategic move to cater to the increasing demand for meme coins among traders and investors. This shift aligns with a broader trend in the cryptocurrency environment, where innovative, culturally resonant projects are capturing consumer interest and investments. While the fluctuations in market cap following Coinbase listings illustrate the volatility of this space, the rapid growth and enthusiastic communities surrounding these tokens indicate a commanding presence in the evolving narrative of meme coins. Ultimately, as Coinbase expands its lineup and the meme coin hype continues, the landscape of cryptocurrency trading is poised for ongoing transformation driven by community engagement, affordability, and the quirks of digital culture.
