In summary
- Coinbase announced the addition of Gigachad (GIGA) and Turbo (TURBO) to its roadmap, briefly boosting their prices.
- GIGA, based on Solana, rose 37% following the announcement, while TURBO, built with $69 and ChatGPT on Ethereum, rose 15%.
- Both tokens stood out for their volatility, with drops of 28% and 36% from their highs, reflecting the “Coinbase Effect.”
Coinbase showed increased acceptance of memecoins on Wednesday, announcing its intentions to support trading of Gigachad (GIGA) and Turbo (TURBO) by adding the tokens to its listing roadmap.
GIGA and TURBO tokens experienced rapid bullish price movements, rising 37% and 15% respectively in the hour after the Coinbase Assets account on X (formerly known as Twitter) was announced.
Although they were announced together, the tokens have distinct histories and communities from two separate blockchains.
Gigachad, based on the meme of a hyper-muscled male model, is a Solana-based token that has risen to prominence this year, cultivating an enthusiastic community of followers—so enthusiastic that one decided to tattoo the contract address on his chest, albeit incorrectly.
The token, which briefly soared close to $700 million with the roadmap announcement, has since retreated to just over $500 million, settling 28% below its all-time high, according to CoinGecko.
Turbo, on the other hand, is an Ethereum-based memecoin that was created using a budget of $69 and ChatGPT. Its price has increased this year along with other AI-related crypto tokens, rising more than 6,000% according to CoinGecko.
After jumping to over $625 million market cap at the time of the announcement, Turbo has since retreated to $574 million market cap, 36% below its all-time high.
The pair stands out among seven new memecoins listed or soon to be listed on the Coinbase exchange in recent weeks, following MOG and MOODENG, which Coinbase added to its listing roadmap this week. MOODENG will begin trading later today, followed by MOG trading on Thursday.
In the case of each roadmap announcement, a notable price increase occurred within the first hour, with the token falling more slowly in the following hours. It is well documented that coins rise with Coinbase listings, dubbed the “Coinbase Effect.”
Memecoins are tokens typically based on popular memes or cultural references. They are often more volatile and risky than major crypto assets, but have increased in popularity this year thanks to platforms like Pump.fun that have made it easier and cheaper for anyone to launch tokens.
Edited by Andrew Hayward
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