Meme Token Listings on Coinbase Sends PEPE, WIF on Staggering Rally
Major U.S. exchange Coinbase announced its intention to list both PEPE and Dogwifhat (WIF), in a surprise listing policy U-turn that sent meme token trading into a frenzy.
Paul Grewal, Coinbase’s listings lead, announced the news in a tweet: “You've long wanted the frog. Well, soon you'll get the frog. @coinbase is adding PEPE to our listing roadmap with the goal of listing later today.” This sent PEPE up 69% and WIF jumping 40%. That kind of wild price action is indicative of a broader trend in the current meme coin market.
Less than a day later, Coinbase announced the listing of WIF on Nov. 14, stating that “Coinbase will add support for dogwifhat (WIF) on the Solana network (SPL token).” This caused the meme coin to surge by over 50% to reach $4.59, just slightly below its March all-time high of $4.85.
This rally is not limited to these newly listed tokens either. PNUT, another popular meme coin, surged 1000% in the last week after its Binance listing and a boost from Elon Musk's tweet that said, "America was saved by a squirrel and a meme coin!" The excitement has spilled over into other meme tokens, such as POPCAT, as traders scramble to find the next possible Coinbase listing candidate.
The move is a major about-face in policy for Coinbase, which since 2022 has refused to list all utility-free meme tokens.
