With great intent to show the increasing potency of meme coins, Coinbase includes two new additions: Gigachad (GIGA) and Turbo (TURBO) in the listings roadmap. This is said, as per the Assets account on X, after their declaration. This move mirrors a shift toward embracing the nuances within the competitive cryptocurrency market and mainstream trend.
Based on the hyper-masculine “Gigachad” meme, Gigachad, a token that sits on the Solana-based protocol, jumped by 37% soon after the news, even if it has retraced somewhat. GIGA, as it stands, still sees an annual increase of over 126,000%. Meanwhile, an Ethereum-based meme coin named Turbo, which has been built with just $69, and has relied on tools such as ChatGPT to create its base, rose by 15% in reaction to the announcement, seeing over 6,000% year to date.
Such new additions reflect the strategy of Coinbase in catering to consumer-driven demand in the crypto space. The platform had previously listed such meme tokens as MOG Coin (MOG) and Moo Deng (MOODENG), which each saw growth in their respective market capitalizations after being listed.
With more viral features and devoted communities, these meme coins become popularly appealing. The problem remains that they’re significantly more speculative and volatile, as opposed to traditional cryptocurrencies, such as Bitcoin or Ethereum.
As the trend continues, the so-called “Coinbase Effect” — a price surge upon listing — is likely to play a pivotal role in driving short-term gains for such tokens. However, it is still uncertain whether meme coins like GIGA and TURBO can sustain their momentum in the long term.
This incorporates the assets that Coinbase believes would be supported by being adaptable and ready to explore the evolving digital asset landscape to stay relevant in the dynamic crypto world.
To Read More: Finance