Coinbase, the largest U.S.-based cryptocurrency exchange, made waves late Tuesday by revealing two new tokens, io.net (IO) and DEGEN, are joining its listing roadmap. This move paves the way for Coinbase users to soon trade these tokens, further diversifying the platform’s offerings.
New Listings: io.net And DEGEN
The first token to be listed is io.net’s IO, a Solana-based decentralized physical infrastructure network (DePIN) token. Launched in June, io.net quickly gained traction within the crypto space, even securing a spot on Binance’s launchpad. The protocol powers a decentralized AI computing network, aggregating graphics processing units (GPUs) across various storage providers. IO serves as the native token of this ecosystem, facilitating network access and operations within its decentralized infrastructure.
In contrast, DEGEN is a memecoin rooted in the Base network, an Ethereum sidechain. Launched in January, DEGEN is a classic example of the memecoin frenzy that has captivated segments of the crypto community. Developers airdropped 15% of its 36 billion total supply to active members of Farcaster’s Degen channel, helping the token establish an initial foothold.
Market Reaction – Memecoin vs. Utility Token
Following Coinbase’s announcement, the two tokens exhibited contrasting market reactions. DEGEN, in typical memecoin fashion, soared over 140% within 24 hours, reaching a peak price of $0.0119 before correcting slightly to $0.0112. Despite being down more than 85% from its all-time high of $0.06459 in March, DEGEN remains one of the top gainers on Binance and Bybit in the past 24 hours, reflecting the ongoing demand for high-volatility tokens in the market.
Conversely, io.net’s IO token did not fare as well. Despite the positive momentum surrounding its ecosystem, IO saw a 14% drop in price, falling below the $2 psychological threshold to trade at $1.81. This disparity between the two tokens drew commentary from the crypto community, with some describing the situation as a classic “memecoin vs. utility token” scenario—where speculative interest drives memecoin gains, while utility-driven projects may take longer to realize value.
What’s Next for DEGEN and IO?
The divergent paths of these tokens underscore a broader theme within the cryptocurrency market. Memecoins like DEGEN often attract traders looking for quick, volatile gains, while utility tokens like IO rely on long-term development and network adoption for price appreciation. The reaction to Coinbase’s listing announcement exemplifies this dynamic: DEGEN surged amid excitement, while IO faced a sell-off, possibly due to traders capitalizing on early profits.
As Coinbase expands its token offerings, both IO and DEGEN will have the opportunity to reach a broader audience. For DEGEN, the question remains whether it can sustain its momentum in the long run. For IO, the focus will likely be on its continued development and real-world application within the decentralized infrastructure space.
Coinbase’s addition of io.net’s IO and DEGEN to its listing roadmap highlights the ongoing diversity in the cryptocurrency market. While DEGEN capitalized on the excitement, IO’s utility-driven value proposition may require more time to be fully realized. As both tokens debut on Coinbase, the crypto community will be watching closely to see if DEGEN can maintain its memecoin hype and whether IO can recover from its recent dip.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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