After Coinbase listed MOG Coin (MOG) on Base, the meme coin’s interest increased, and its market capitalization rose to nearly $1 billion.
MOG Coin (MOG), a meme coin on the Solana blockchain, experienced a significant price increase following Coinbase’s announcement of its intention to list the token. The announcement, made on December 3, 2024, resulted in a 20% increase in the value of MOG within a single hour, bringing the coin’s market capitalization to nearly $1 billion.
This action is being taken with Coinbase’s ongoing expansion of its meme coin offerings, including adding additional tokens to its listing roadmap.
Coinbase’s Expansion into Meme Coins
Over the past month, Coinbase has implemented substantial modifications in the meme coin market. Following the inclusion of tokens such as Pepe (PEPE), Floki (FLOKI), Dogiwfhat (WIF), and Moo Deng, the exchange has now focused on MOG Coin (MOG).
MOG will be listed on Base, the platform’s Ethereum Layer-2 scaling solution, according to a tweet from Coinbase’s official assets account. Base, which currently maintains nearly $4 billion in user deposits, offers traders faster transactions and reduced fees.
MOG Coin’s inclusion in Coinbase’s listing roadmap underscores the increasing popularity of meme coins, which have risen significantly in 2024. Meme coins have been a component of a broader trend in the crypto space, characterized by high trading volumes and significant price fluctuations. Coinbase’s decision to list MOG is another testament to its dedication to broadening its meme coin selection.
Rally in the Price of MOG Coin
In 2024, MOG Coin has experienced substantial growth. The coin’s market capitalization has increased from approximately $50 million in February to over $475 million by mid-March, following its initial surge in early 2024.
MOG is the tenth-largest meme coin by market capitalization as of the time of this writing, according to CoinMarketCap. It is approaching its all-time high, captured in November 2024, due to its recent price increase. MOG is currently trading at $0.000002385, a 6% increase from its intraday high of $0.000002804 and low of $0.000002076.
The token’s success has been attributed to its appeal as a meme coin, characterized by its “effortless cosmic domination” concept. MOG has garnered significant attention from investors despite its lighthearted origins, and its inclusion on Coinbase is anticipated to enhance its market visibility.
The Implications for Meme Coins
Meme coins have emerged as a substantial component of the cryptocurrency market, with a combined market capitalization that surpassed $125 billion in 2024. The emergence of meme coins, such as MOG, indicates broader trends in the digital asset sector, as a growing number of users and investors are attracted to tokens associated with cultural events and social media trends.
The significance of these tokens in the crypto ecosystem is further evidenced by Coinbase’s decision to list additional meme coins, such as MOG. Simultaneously, Binance Futures announced the listing of MOG with up to 75X leverage earlier last month.
Although meme coins are frequently highly speculative, the inclusion of MOG on Coinbase has the potential to increase market exposure and liquidity, mainly as the platform integrates features such as Apple Pay to make crypto more accessible to mainstream users.
