The cryptocurrency exchange Gemini, owned by the Winklevoss brothers, has just announced the listing of OP and the memecoins POPCAT and BONK.
The community of the platform will now be able to trade these coins by taking advantage of their hype in the crypto markets.
With this move, Gemini aims to attract new investors, thereby increasing its share of trading volumes and its notoriety.
All the details below.
Gemini enables trading for memecoins POPCAT and BONK
According to the latest blog post, the cryptocurrency exchange Gemini has just introduced the memecoins POPCAT and BONK to its list of tradable tokens.
Starting today, Monday, November 4, users of the famous crypto exchange can trade the two coins on the spot and futures exchanges.
Additionally, full support for deposits and withdrawals has also been integrated, allowing resources to be easily moved from one wallet to another.
The offer of meme coins from Gemini thus expands to new products, adding to those already tradable on the platform such as DOGE, SHIB, PEPE, and WIF.
Consider that together POPCAT and BONK are worth over 2.5 billion dollars, and they rank respectively as the 6th and 5th memecoin by market capitalization.
POPCAT is a token inspired by a famous meme from 2020 that embodies a smiling white and gray cat named Oatmeal.
In recent weeks, it has gained considerable attention from the Solana community due to its graphical performance in the market.
Overall, in the last year, POPCAT has increased by 9.818%, increasing the euphoria for high-risk cryptocurrency trading.
In this regard, Gemini is the first regulated exchange to have this memecoin available for full trading
BONK is instead another meme coin from the Solana world, launched in December 2022 and created “for the people, by the people“.
Its goal is to reinvigorate liquidity on decentralized exchanges (DEX) of the blockchain by leading a community-driven ecosystem. In the last year, BONK has increased by 2,418%, despite the negative numbers of the last month.
From March onwards, POPCAT has significantly outperformed BONK with an extraordinary price action, in addition to surpassing all other memecoins in the sector.
The exchange also integrates the layer-2 solution Optimism and its token OP
In addition to expanding its memecoin portfolio with POPCAT and BONK, the Gemini exchange has also listed the OP crypto token, of the layer-2 Optimism.
The project aims to improve the scalability of the Ethereum network by reducing network costs and increasing transaction speed.
In this case, the introduction of a governance token like OP is motivated by the growth that the project is experiencing in the infrastructure field.
The Optimism team has indeed used its own stack to power a wide range of chains within the Superchain.
Among the most famous we find Base, Zora, Mode, Fraxtal and soon also “Ink” the new layer-2 of Kraken.
Furthermore, the continuous incentives from the Optimism Foundation allow for daily improvements to its ecosystem of dapps and cryptographic chains.
In the field of speculation, the crypto OP appears less appealing than memecoins, with an annual growth in 2024 of 16%.
The numbers are not comparable to POPCAT and BONK but nevertheless there are good chances that the asset could grow in the coming months.
In case of continuation of the bull market and explosion of the altcoin, OP is one of the coins that will likely be targeted by traders.
Its all-time high is set at 4.8 dollars: to return to the ATH the token must grow by approximately 350%.
Currently, OP capitalizes 1.7 billion dollars, making it the 45th currency by value according to the Coinmarketcap ranking.
From March onwards, its performance has not been up to the technological innovation of the project, with numbers in continuous decline.
Thanks to the listing on Gemini, OP could find a new home for trading, increasing holdings by users.
Possible increase in Gemini’s market share in the crypto world
With the latest listings, Gemini aims to attract new trading volumes by increasing its market share in the niche of cryptocurrency exchanges.
Especially on the front of the two memecoins POPCAT and BONK, their entry into the platform’s exchanges is justified precisely by the desire to attract new liquidity.
To give an idea of the potential impact on the exchange’s numbers, consider that Gemini recorded just 50 million in spot volumes over the last 24 hours.
The two meme coins, on the other hand, alone have recorded trading volumes of over 250 million dollars in the last 24 hours.
The strong public interest in the memecoins of the Solana ecosystem opens the doors for Gemini for a phase of expansion driven by speculation.
We expect a significant increase in trading on the exchange in the coming weeks, especially if the crypto market leads to new gains.
At this moment Gemini is positioned at rank #24 in the ranking of crypto platforms for spot trading volumes, just behind Binance U.S.
The exchange of the Winklevoss twins supports 74 different coins, in addition to 106 markets and 7 FIAT onboarding channels. Weekly, their website attracts 155,000 visitors.
In the field of derivatives, Gemini still has a lot of difficulty emerging in the wide competition, despite being launched in 2015.
Competitor platforms like Binance, Bybit, Bitget, and Okx encompass the majority of trading volumes, leaving little room for Gemini.
The open interest on the exchange is just 6 million dollars, demonstrating the low tendency towards speculation by its users.
Perhaps with the introduction of memecoin POPCAT and BONK, things could change and Gemini could shine again.
