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Coinbase Ecosystem Memecoin Breaks Out After Earning Sudden Binance Futures Listing

August 20, 2024

A Coinbase ecosystem memecoin is rallying after suddenly gaining support from Binance, the largest crypto exchange in the world.

In a new announcement, Binance says it will add futures contracts for Brett (BRETT), a memecoin built on Coinbase’s Ethereum (ETH) layer-2 Base.

Brett bills itself as the “mascot” of the Base chain.

“To expand the list of trading choices offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the BRETT/USDT Perpetual Contract at 2024-08-20 10:35 (UTC) with up to 50x leverage.”

News of the listing sent Brett flying from a 24-hour low of $0.074 to as high as $0.1028, a more than 38% gain. Brett has retraced at time of writing, trading for $0.088, up 19.3% on the day.

According to a new announcement, South Korean crypto exchange Upbit is also listing Brett for trading on its platform.

In April, crypto tracker Lookonchain reported that two wallets made 30,830x gains on the memecoin. The wallets, whitelisted by the deployer for the meme asset Brett, spent 0.034 ETH worth $102 to buy a combined 172.56 million BRETT in February. Those wallets subsequently sold 122.74 million BRETT for 890.65 ETH worth $3.14 million on-chain via multiple wallets.

Whitelisted wallets are approved participants for a specific crypto event like an initial coin offering (ICO), according to Coinbase.

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