MOG Coin, an Ethereum-based meme coin, started to gain value after its listing on Coinbase, the largest cryptocurrency exchange in the United States. Coinbase Assets announced its support for the cat-themed token, which was launched in July 2023, through a statement on the social media platform X.
Value Increase Post-Listing
With Coinbase’s backing, MOG Coin quickly appreciated in value. On December 5, MOG Coin traded at $0.000002375, and the following day it surged to $0.000003418. Currently, the token is trading at $0.000003335, reflecting a 36% increase within the last 24 hours.
Contrasting Results of Previous Listings
A week prior to this development, another animal-themed meme coin, Moo Deng, was also supported by Coinbase. However, this token did not exhibit the desired movement following its listing.
Moo Deng, based on a Solana platform and themed around a dwarf otter, became an internet phenomenon after being born at the Khao Kheow Open Zoo in Thailand in July. It also gained attention for accurately predicting the November 2024 U.S. presidential election. However, after receiving Coinbase support, Moo Deng’s value dropped from $0.596 on December 4 to $0.448 the next day, marking a 12% decline. Currently, the token is trading at $0.468, indicating some stabilization.
These two examples illustrate the potential impacts that cryptocurrency exchanges can have on meme coins. Listings by major platforms like Coinbase can elevate token values, but they do not always yield positive outcomes.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
