Divisive meme token Dogecoin will get a Coinbase itemizing inside 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 get well after Elon Musk’s SNL blunder, wherein he known as it a “hustle,” not forgetting the saturation of Dogecoin clones flooding the market, one has to ask, is that this the right 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 basic must speed up the method of latest token listings.
It’s affordable to imagine that Armstrong believes extra selection is a think about growing its income. There are presently 207 markets accessible on Coinbase Professional. This falls approach wanting Binance, which affords customers 1,232 markets.
Whereas selection may make Coinbase extra interesting to customers, choosing the suitable initiatives is equally essential.
Few tokens have been as influential as Dogecoin this yr. It could have began as a joke about a very critical trade, however its meteoric value rise now places it in an entire totally different gentle.
No matter what critical traders suppose, 10,000% positive aspects YTD suggests public sentiment has a much more important influence than fundamentals alone.
Prior 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 is still 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 as a result of unavailability of sure crypto property on its platform.
“Our opponents are supporting sure crypto property which might be experiencing giant buying and selling quantity and development in market capitalization that we don’t presently assist, in addition to providing new services and products 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 reveals in its sinking inventory value, which is down 19% from its mid-April NASDAQ debut.
Lisa Ellis of MoffettNathanson stated it’s simple to be adverse on Coinbase. However she maintains that it’s nonetheless early days.