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In 2024, crypto lobbying efforts led by Coinbase, Ripple, and Andreessen Horowitz transformed American politics, amassing nearly $300 million through a super PAC called Fairshake. This unprecedented spending aimed to counteract negative perceptions following the FTX collapse and reshape the political landscape, demonstrating the industry's newfound influence. By mid-2024, the crypto voter emerged as a significant force, altering the dynamics of support across party lines.
Solana meme coin $PNUT surged 20% following its addition to Coinbase's listing roadmap, bringing its market cap to $1.34 billion and surpassing POPCAT and MOG COIN. The announcement triggered a trading volume of $1.5 billion in just 24 hours. Initially gaining traction after a viral incident involving a squirrel mascot, PNUT is now positioned for potential growth into 2025 with listings on both Binance and Coinbase.
Coinbase has added three new crypto assets to its platform, focusing on the Ethereum and Solana networks. The listings include Magic Eden (ME), Turbo (TURBO), and Gigachad (GIGA), enhancing trading opportunities for users. Turbo, an AI-generated meme coin, and Gigachad, inspired by a popular meme, both saw significant price increases following the announcement. Trading for Turbo and Gigachad is set to begin on December 11, 2024, pending liquidity conditions.
Coincheck Group, Japan's second-largest crypto exchange, began trading on Nasdaq on December 11 after merging with Thunder Bridge Capital, marking it as the second publicly listed dedicated crypto exchange in the U.S. The merger generated approximately $31.6 million, with expectations for a more favorable regulatory environment for digital assets under the incoming administration. Oki Matsumoto, Executive Chairman, credited the company's success to its strong Japanese foundation and strategic use of U.S. capital markets.
SEC Commissioner Hester Peirce has outlined three key steps for the Trump administration to support the crypto industry: cease hindering access to essential services, clarify which assets fall outside SEC jurisdiction, and collaborate with crypto firms to adapt existing regulations. Peirce emphasizes the need for public engagement in this process to foster a more favorable regulatory environment. Her comments come amid criticism of SEC Chair Gary Gensler's aggressive enforcement actions against major crypto firms.
Venture capitalists express concerns that altcoin dominance may shift back to Bitcoin, yet Pepe, Dogecoin, and Rollblock continue to thrive. Pepe has gained 13% this week, bolstered by new exchange listings, while Dogecoin remains buoyed by Elon Musk's support, despite a recent dip. Rollblock is gaining traction with its innovative GambleFi platform, poised for significant growth as it progresses through its presale stages.
Coinbase's Project Diamond has integrated Chainlink's technology to enhance cross-chain interoperability and secure asset management for institutional digital assets. This collaboration aims to streamline the lifecycle management of tokenized assets while ensuring compliance, with Peregrine as the first major user in the Abu Dhabi Global Market. The integration promises to reduce costs, improve transparency, and unlock new liquidity for institutional investors, positioning Project Diamond as a key player in the future of digital asset management.
Coinbase's Project Diamond has adopted the Chainlink standard to enhance the lifecycle management of tokenized assets, aiming to provide secure data and cross-chain connectivity for institutional asset issuers and fund managers. Peregrine, PSG Digital’s regulated entity in the ADGM, will be the flagship user of this initiative. The integration facilitates compliance and interoperability, supporting the expansion of digital assets across various blockchains while improving existing implementations for regulatory needs.
Movement (MOVE), a layer-2 Ethereum-based altcoin, surged over 135% to $1.45 after Coinbase added trading support, though it has since retraced to $0.65. With a market cap of $1.46 billion, MOVE is labeled "experimental" by Coinbase due to its volatility. The programming language Move, developed for the Diem project, underpins this ecosystem, which also includes Sui and Aptos.
Chainlink's price is currently at $22.65, down 17% from its monthly high, but analysts remain optimistic about a potential rise to $100, citing strong technical patterns and significant partnerships with major organizations like Coinbase and Swift. A cup and handle pattern suggests a target of $40 before reaching $100, contingent on surpassing its all-time high of $52.90, while a drop below $8.4 could invalidate the bullish outlook.
Coinbase Global, Inc.
Companies
| Symbol | COIN |
| Name | Coinbase Global, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Software & Services |
| Industry | Software |
| Market | NASDAQ Global Select |
| Country | United States |
| State | DE |
| City | Wilmington |
| Zipcode | 19801 |
| Website | http://www.coinbase.com |
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