Coinbase has added Mog Coin (MOG) to its asset roadmap. The announcement comes just a day after the platform listed its first Pump.fun token, Moodeng (MOODENG).
Coinbase added MOG to its roadmap for upcoming listings. There is no hard and fast rule for the actual listing, as in the case of Moodeng (MOODENG), which launched its first market just hours after being added to the roadmap.
The official Mog Coin account corroborated the news, adding to the token’s exposure.
COINBASE MOGS 🫵😹 https://t.co/D1aX2554TV pic.twitter.com/15AH0IpQB1
— MOG COIN (@MogCoinEth) December 3, 2024
MOG has been a staple in meme space, with regular roll-over from other memes and the potential to join blue chip memes and change its entire trading profile. MOG is just outside the list of top tokens with valuations over $1B, and has been trading flat for weeks. The potential Coinbase listing can revive this meme asset.
The listing of MOODENG came as a surprise since Coinbase apparently limited itself to established tokens, not ones originating from Pump.fun. Additional speculations are also pointing to Peanut the Squirrel (PNUT) as a potential upcoming addition to Coinbase. For now, PNUT is not on the roadmap, and a listing is assumed to be based on social media rumors.
While new listings are constantly flowing into the meme token market, the main price drivers remain top blue-chip assets. They are valued higher, and price swings affect the market. MOG has the chance of joining that list, extending its appeal to general Internet users, without pressure to support a token-based cult.
Coinbase to list Base version of Mog Coin
Coinbase will list the asset’s Base version, tapping the L2 potential for much lower fees. In the case of a spot listing, this will be the asset to be deposited and traded officially. MOG already has 130,470 users, in the usual range for well-established memes.
Mog Coin started as a friendly joke in the summer of 2023 and was launched as an ERC-20 token on the Ethereum blockchain. The ERC-20 version is also active, with 43,716 holders.
The asset resembles older memes with an engaging, but not fanatic online community. The big advantage of Mog Coin is its long-term presence and more stabilized liquidity.
Both the Ethereum and the Base version of MOG pumped by around 20%, as there is no new inflow of liquidity. The token still relies on decentralized pairs, on Uniswap and Aerodrome. Both versions rallied to $0.0000024, retaining their usual low range.
A listing on a major exchange and more exposure could achieve an even bigger rally, as it happened with MOODENG and earlier, PEPE.
The recent decision to expand meme listings led influencer Murad Mahmudov to once again proclaim the meme super cycle is far from over, with more liquid listings coming.
Big buyers come to MOG
One of the signs of more potential liquidity for MOG was the growth of Wintermute 3 holdings. The market maker started accumulating from October onward, ending up with 5.5T MOG.
Wintermute now holds around 1.14% of the MOG supply on Ethereum, entering the top 10 wallets. An addition to Wintermute has been correlated with new listings, though it is not a guarantee.
Crypto.com has also accrued MOG after a competitive campaign for token deposits. Even before the listing, addresses related to Coinbase were also accumulating MOG in the ERC-20 version. The address holds 312B MOG, a relatively small amount, potentially fit for experiments.
In addition to transparent holdings, data from Bubblemaps shows small-scale connected clusters of wallets for the Base version of MOG. For now, the supply is not sniped or posing risk of dumping on the community.
Wallet clusters have already formed, though holding a smaller fraction of the MOG supply. | Source: Bubblemaps
MOG remains moderately decentralized, with top wallets holding a smaller proportion of the token’s supply. Those conditions can change without a warning, in case whales and market makers move in, skewing the balance. Wallet clusters may also affect MOG in the short term.
MOG has been more active since its Binance perpetual futures listing. As the token gains popularity for being the ‘first internet culture coin’, a retail listing may also boost spot volumes and lead to aggressive price expansion in the short term. MOG remains risky and has gone through 70% drawdowns, in addition to active rallies and jumps to a new price range.
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