Web3 payments infrastructure provider Transak is adding 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.
Transak Sees Future for Meme Coins
Transak had several criteria for selecting which meme coins to add. The firm considered objective data markers like trade volumes and trust from centralized exchanges, as well as their ability to on-ramp users to Web3. However, according to Carlo de Luca Gabrielli, Global Director of Sales at Transak, the most important qualities were more subjective.
“Meme coins thrive on community support. Naturally, Transak’s primary criteria for choosing the meme coins that it did was ‘community resilience’. The thesis is that if a cryptocurrency project has a strong, almost cult-like support from the community, then it would eventually find utility,” Gabrielli claimed.
Although Transak is not an exchange per se, it has certainly been influenced by major exchanges’ recent meme coin listings. Several such firms have engaged in a spree of prominent new listings recently, sometimes boosting an asset’s price substantially.
For example, in the last month, Binance’s listing caused a 50% price jump in DEGEN. Sui-based meme coin HIPPO experienced a similar rally in early November.
Major centralized exchanges have been aggressively listing new and lower-cap meme coins in the past few months. It seems like these platforms are conscious about missing out on broader meme coin rallies. The earlier bullish cycle of Solana-based meme coins back in Q1 2024 largely benefited decentralized exchanges.
Historically, platforms like Binance have been slow and cautious in meme coin listing, but the practice has seemingly changed. Most recently, Binance listed the Pudgy Penguins PENGU token on its launch date, which saw a wide-scale sell-off from airdrop holders.
Coinbase, too, has adopted similar practices recently, although less aggressively. This exchange’s listings have caused more modest price gains in several different meme coins, yet the firm is also innovating. For example, it launched perpetual futures contracts on TURBO in October.
Some analysts in the community have nonetheless anticipated bearish trends brewing in this space. However, Transak seems committed to its meme coin strategy. For Gabrielli, these assets are a popular new trend and a valuable way to cultivate new excitement for Web3
“At Transak, we stand behind the positive impact of meme coins’ cultural phenomenon and understand their relevance as an entry point into Web3 for many. By listing 11 new meme coins, we hope to hand our users the option to participate in the crypto cultural ride that might pave the way for mass adoption of this revolutionary technology,” he finished.
Meanwhile, the meme coin market has seen heavy liquidation throughout the week. Currently, the market is down by 12%, with leading tokens like DOGE and SHIB seeing over 20% slump in the past week, according to CoinGecko data.
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