Today, meme tokens Dogecoin (DOGE-USD), Shiba Inu (SHIB-USD) and ApeCoin (APE-USD) are the topic of conversation among crypto investors. Aside from the usual discussion around volatility, there’s a catalyst investors in these meme coins are watching today.
Prominent crypto exchange Coinbase (NASDAQ:COIN) recently announced the platform has added support for seven new crypto assets. You guessed it — Dogecoin, Shiba Inu and ApeCoin made the list. This announcement builds on previous work by Coinbase to make payments instant and free for users and merchants.
These tokens can now be used to facilitate payments to merchants. After regular requests from users, it appears Coinbase has given in to the meme community and opened its doors to business using various animal-inspired token holders.
Let’s dive into what this news means for investors, and whether these tokens may be intriguing bets on this news.
What Does This Mean for Dogecoin, Shiba Inu and ApeCoin?
For investors in meme tokens, one of the big bear cases that’s hard to ignore is the lack of real-world utility for these coins. Yes, these tokens support a strong and vibrant community. There are some applications being built, and there’s certainly some traction to point to. However, from a payments perspective, much is lacking in the world of meme tokens.
That said, this Coinbase integration is some progress on this front. For meme coin investors, that’s a good thing. The extent to which these dog- and ape-inspired tokens are utilized by customers and accepted by merchants, on the other hand, remains to be seen.
For now, this is an interesting development to watch. Investors intrigued by these hyper-volatile tokens have one more potential catalyst to keep an eye on. For most investors, I suspect there will be more interest in the potential impacts on Coinbase moving forward.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
