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Meme coins PEPE and Dogwifhat (WIF) have made it onto Coinbase's Coin50 Index, indicating increased market significance and investor interest.
According to Coinbase, the exchange has updated its Coin50 Index, adding five new assets, including frog-themed cryptocurrency Pepe and Solana-based dog coin Dogwifhat (WIF).
In a tweet, Coinbase wrote: "This quarter, we welcomed five new entrants to the Coinbase 50 Index (COIN50)." These include: PEPE (Pepe Coin), WIF (Dogwifhat), COMP (Compound), APT (Aptos) and AERO (Aerodrome Finance).
Coinbase's Coin50 Index, which tracks the cryptocurrency market, offers diversified exposure to 50 leading digital assets through a single trade with the Coinbase 50 Index Perpetual Future (COIN50-PERP).
Users in eligible regions can trade the Coin50 Index as a perpetual future on Coinbase Advanced, providing leveraged exposure to the market’s top assets. With the addition of PEPE and WIF to the index, meme coins continue to gain traction in the broader crypto ecosystem.
Coinbase, meme coins secure regulatory clarity
In big news for the meme coin sector, the SEC has released guidance that meme coins are not securities and are akin to collectibles. This is part of an effort to provide greater clarity on the application of federal securities laws to crypto assets.
Tomiwabold OlajideAccording to the SEC, the offer and sale of meme coins does not constitute an investment in an enterprise, nor does it represent a realistic expectation of gains from others' entrepreneurial or managerial activities.
In another big win for the crypto industry, last week, the Securities and Exchange Commission followed through with its agreement and voluntarily dismissed its lawsuit against crypto exchange Coinbase, per a court filing last Thursday.
It appears, then, that the SEC's new leadership has opted to wipe the slate clean and start afresh with its assessment of how cryptocurrencies should best comply with existing laws. In the most recent win for the industry, the SEC has dismissed its lawsuit against the Kraken crypto exchange.
Dan Burgin
Vladislav Sopov