In summary
- The Ethereum-based memecoin MOG rose more than 20% following Coinbase’s announcement of its listing for trading on its platform.
- MOG reached a market capitalization of $1 billion, standing out as one of the top 150 cryptocurrencies by capitalization.
- Memecoin will be traded on Base, Coinbase’s Layer 2 solution, offering faster transactions and lower fees for traders.
The Ethereum-based MOG memecoin rose more than 20% in the hour after US exchange Coinbase announced its plans to list the token for trading this Tuesday.
MOG is currently trading at $0.00000243, placing it just shy of a $1 billion market cap and within the top 150 tokens by capitalization, according to data from CoinGecko.
Described as a memecoin with the fundamentals of “effortless cosmic domination,” MOG rose to prominence in early 2024, jumping from a market capitalization of approximately $50 million in February to more than $475 million in mid-March.
Often accompanied by laughing cat and pointing finger emojis, it has grown even further alongside the broader success of memecoins, reaching a market capitalization of $1 billion for the first time in November 2024.
Although MOG was launched on the Ethereum Layer 1 mainnet, Coinbase’s announcement indicates that MOG will be traded on Base, its Layer 2 solution that provides traders with lower fees and faster transactions.
The roadmap announcement is the second of its kind in the last two days, as Coinbase announced that the Solana-based memecoin MooDeng (MOODENG) was added to its listing roadmap on Monday, boosting the coin by more 80% in the process.
Although no official details regarding the listing date were provided, recent listings of major memecoins like PEPE and WIF came just hours after Coinbase indicated its listing plans.
Memecoins are tokens typically created and based on important events or cultural references. They have become increasingly popular this year, growing as a sector to reach a market capitalization of more than $125 billion, according to CoinGecko.
MOG, which is ranked #10 by market capitalization in CoinGecko’s current memecoin rankings, is 16.5% below its all-time high as of this writing. Previously, it was listed within the top 100 tokens by market capitalization of the crypto ecosystem.
Edited by Andrew Hayward
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