In summary:
PENGU, POPCAT, and MORPHO experienced brief price surges before quickly retracing, suggesting waning market interest.
POPCAT and PENGU have faced prolonged declines, while MORPHO, a DeFi project, had prior momentum but continues to underperform.
A similar trend was observed with MOG and TOSHI, indicating that Coinbase’s roadmap announcements may no longer generate strong market reactions.
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Coinbase has added three new altcoins to its listing roadmap: PENGU, POPCAT, and MORPHO. The announcement only triggered a temporary price increase for all three tokens, potentially indicating waning market interest.
The two meme coins have both experienced recent volatility, while MORPHO is currently experiencing considerable momentum. However, the pattern repeated across all three listings.
Is Coinbase’s Roadmap Losing Relevance?
Coinbase, one of the world’s leading cryptocurrency exchanges, just added three new assets to its listing roadmap: PENGU, POPCAT, and MORPHO. Typically, these additions cause significant price increases for the assets, but that did not happen today. All three coins experienced short-lived rallies, but those gains quickly evaporated.
It is currently unclear why these gains were so short-lived. Two of the new assets on Coinbase’s roadmap, POPCAT and PENGU, are notable meme coins. However, both have struggled in price recently.
PENGU, for instance, hit an all-time low in late January and has shown no signs of recovery. POPCAT declined in December but also remains at low levels. MORPHO, on the other hand, stands out from the other choices on Coinbase’s roadmap. It is not a meme coin but a legitimate DeFi project that creates infrastructure for on-chain lending.
It was one of the better-performing coins in January and has even partnered with Coinbase. This may explain why it is on the roadmap but does not explain why it also underperformed
It may be too early to determine the impact of future listings on these assets. As of writing, Coinbase only added them to the roadmap a few hours ago, and there could be significant changes this week.
However, the meme coin space moves very quickly, making this seem unlikely. Instead, there may be another explanation.
The last two additions to Coinbase’s roadmap have notable similarities. Upon listing MOG in December, the asset’s price continued to struggle. Last month, when TOSHI was listed, the immediate price increase was swiftly curtailed by renewed profit-taking. The asset still grew on the day, but those gains proved short-lived.
The inclusion of MORPHO also demonstrates that these trends are not related to recent market performance. Perhaps Coinbase’s announcements are losing their ability to sway traders.
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