December 20, 2024

Web3 payment infrastructure provider Transac adds 11 new meme coins. PNUT, WIF, FLOKI, BOME, NEIRO, GOAT, MEMEFI, MEME, MOODENG, POPCAT, and BRETT are now available on its site.

This news comes from an exclusive press release shared with BeInCrypto.

Transac sees a future for meme coins

Transac set several criteria for choosing which meme coins to add. The company took into account objective data indicators such as trading volumes and trust from centralized exchanges, as well as their ability to attract users to Web3. However, according to Carlo De Luca Gabrielli, Transac’s global sales manager, the most important qualities were more subjective.

“Meme coins thrive on community support,” Gabrieli claimed. “Naturally, Transac’s primary criterion for selecting meme coins was ‘community resilience.’ The premise is that if a cryptocurrency project has strong, almost cult-like support from the community, it will eventually find a use.”

Although Transac is not an exchange per se, it has certainly been affected by recent meme coin listings on major exchanges. Several such companies have been involved in a wave of high-profile new listings recently, sometimes resulting in significant price increases for the assets.

For example, last month, Binance’s listing caused a 50% price jump in DEGEN. The SWI-based meme coin HIPPO saw a similar surge in early November.

Major centralized exchanges have been aggressively listing new, low-cap meme coins in the past few months. These platforms seem to be conscious of missing out on the broader meme coin rally. Decentralized exchanges benefited greatly from the previous Solana-based meme coin bull run in Q1 2024.

Historically, exchanges like Binance have been slow and cautious about listing meme coins, but that practice appears to be changing. Recently, Binance listed the Budgie penguin token PENGU on its launch date, which saw a massive sell-off from free-to-air holders.

Coinbase has also adopted similar practices recently, albeit in a less aggressive manner. The exchange’s listings have caused more modest price increases in several different meme coins, but the company is also innovating. For example, it launched perpetual futures contracts on TURBO in October.

Some analysts in the community have predicted a bearish trend forming in this space. However, Transak seems to be sticking to its meme coin strategy. For Gabrieli, these assets are a popular new trend and a valuable way to tap into the new enthusiasm for Web3.

“At Transak, we support the positive impact of the cultural meme coin phenomenon and recognize its importance as an entry point to Web3 for many people. By listing 11 new meme coins, we hope to give our users the option to participate in the cultural journey of cryptocurrencies that could pave the way for widespread adoption of this revolutionary technology,” he said.

Meanwhile, the meme coin market has seen a major selloff throughout the week. The market is currently down 12%, with leading tokens like DOGE and SHIB seeing a drop of more than 20% in the past week, according to CoinGecko data.