Divisive meme token Dogecoin will get a Coinbase itemizing throughout the subsequent six to eight weeks.
The feedback got here from Coinbase CEO Brian Armstrong, who was discussing how the agency can transfer ahead following its worse-than-expected first earnings report as a public firm.
Nonetheless, with Dogecoin struggling to recuperate after Elon Musk’s SNL blunder, during which he known as it a “hustle,” not forgetting the saturation of Dogecoin clones flooding the market, one has to ask, is that this the proper technique for Coinbase?
Is The Dogecoin Narrative Altering?
In implementing a Dogecoin itemizing, the Coinbase boss is hoping to show issues round on the firm. He added there’s a normal must speed up the method of recent token listings.
It’s affordable to imagine that Armstrong believes extra alternative is a think about rising its income. There are at present 207 markets out there on Coinbase Professional. This falls method in need of Binance, which provides customers 1,232 markets.
Whereas alternative might make Coinbase extra interesting to customers, deciding on the suitable initiatives is equally vital.
Few tokens have been as influential as Dogecoin this 12 months. It might have began as a joke about an excessively severe trade, however its meteoric worth rise now places it in a complete totally different mild.
No matter what severe traders assume, 10,000% positive factors YTD suggests public sentiment has a much more important influence than fundamentals alone.
Up to now, incomes a Coinbase itemizing was seen as a milestone achievement. The platform’s high quality over amount strategy gave listed tokens an air of legitimacy.
With that, given Dogecoin’s up-and-coming itemizing on Coinbase, ought to we now settle for that DOGE has transcended its unique objective?
Answering sure means Dogecoin belongs in the identical bracket as Bitcoin, Ethereum, and Litecoin. However for some, that continues to be a step too far.
Supply: DOGEUSD on TradingView.com
COIN Inventory Continues To Sink
Coinbase launched its first-ever quarterly earnings report as a public firm on Thursday.
Income was $1.8 billion versus an anticipated $1.81 billion. Earnings per share (EPS) got here in at $3.05 versus an anticipated of $3.09.
In an announcement, the agency talked about it missed out on income because of the unavailability of sure crypto belongings on its platform.
“Our opponents are supporting sure crypto belongings which might be experiencing massive buying and selling quantity and progress in market capitalization that we don’t at present help, in addition to providing new services that we don’t supply.”
Whereas precise income and EPS weren’t massively off from expectations, as the primary main crypto firm to go public, Coinbase is being held to the next normal.
This exhibits in its sinking inventory worth, which is down 19% from its mid-April NASDAQ debut.
Lisa Ellis of MoffettNathanson mentioned it’s simple to be unfavorable on Coinbase. However she maintains that it’s nonetheless early days.