Coinbase sticks to conservative approach as meme coins make up 20% of its 2024 listings, analyst says

Coinbase added 34 tokens to its listing roadmap in 2024; meme coins make up 20% of the total, reflecting the exchange’s cautious approach despite the meme coin craze.

As a public company, Coinbase’s 2024 token listing strategy appears to reflect a more measured approach compared to its competitors; It selectively focuses on high market cap meme coins and favors the Ethereum (ETH) and Base (BASE) networks. Instead of Solana (SOL) or BNB Chain (formerly Binance Smart Chain).

来了，Coinbase 2024 年已上线 Memecoin 项目盘点🙌

Coinbase 今年累计将 34 个代币添加到了上币路线图，其中 Meme 仅有 7 个，占比 20.58%，且高达 71% 的代币市值超过 5 亿美金

与币安相比，Coinbase 的上币频率 / 选币风格 / 上币效应有何不同？上币规律和网络分布情况又如何呢？Let's Go🧵👇 pic.twitter.com/udJN03uUyH

— Ai 姨 (@ai_9684xtpa) December 10, 2024

A chain analyst under the pseudonym “ai_9684xtpa” revealed in an Moreover, approximately 71% of the listed meme coins had a market capitalization of over $500 million; This shows that Coinbase is more focused on larger assets than its competitors.

Meme coin listings on Coinbase have surged since October following increased interest in “dog coins” as alternative tokens. This trend reflects what’s happening at Binance, which has added 14 memecoins since October.

The analyst found that although both exchanges shared the top spot in meme coin activity during this period, Coinbase’s listings revealed a selective approach to network distribution. 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 at 28% It has a share of .6.

The analyst also noted that unlike its rival, Coinbase tends to err on the side of caution as meme coin listings typically occur at least a month after Binance’s.