Coinbase sticks to conservative approach as meme coins make up 20% of its 2024 listings, analyst says
Coinbase has added 34 tokens to its listing roadmap in 2024, with meme coins making up 20% of the total, reflecting the exchange’s cautious approach despite the meme coin craze.
As a publicly traded company, Coinbase‘s 2024 strategy for listing tokens seems to reflect a more measured approach compared to its rivals, with a selective focus on high-market-cap meme coins and a preference for Ethereum (ETH) and Base (BASE) networks rather than Solana (SOL) or BNB Chain (formerly Binance Smart Chain).
In an X thread on Dec. 10, an on-chain analyst under alias “ai_9684xtpa” revealed that in 2024, Coinbase has added 34 tokens to its listing roadmap, with seven meme coins, making up 20.58% of the total. Moreover, about 71% of the listed meme coins had market values over $500 million, showing Coinbase focuses more on larger assets than its competitors.
Meme coin listings on Coinbase have picked up since October, following a rise in interest around “dog coins” as alternative tokens. This trend mirrors what’s happening on Binance, which has also added 14 meme coins since October.
While both exchanges share a peak in meme coin activity during this period, Coinbase’s listings reveal somewhat of a selective approach to network distribution, the analyst found. Unlike Binance, which sees over 60% of its meme coin listings on Solana, the majority (57%) of meme coins listed on Coinbase are on Ethereum, with Solana and Coinbase’s own layer 2 network, Base, each accounting for 28.6%.
The analyst also noted that, unlike its competitor, Coinbase tends to exercise caution, with meme coin listings typically occurring at least a month later Binance’s.
