June 15, 2021

Coinbase Banks On Dogecoin Listing To Revive Stuttering Fortunes

2 min read

Divisive meme token Dogecoin will get a Coinbase listing within the next six to 8 weeks.

The remarks came from Coinbase CEO Brian Armstrong, who was talking about how the firm can move on following its worse-than-expected first profits report as a public company.

Nevertheless, with Dogecoin having a hard time to recuperate after Elon Musk’s SNL oversight, in which he called it a “& ldquo; hustle, & rdquo; not forgetting the saturation of Dogecoin clones flooding the marketplace, one has to ask, is this the proper technique for Coinbase?

Is The Dogecoin Narrative Changing?

In implementing a Dogecoin listing, the Coinbase boss is intending to turn things around at the business. He added there’s a general requirement to accelerate the procedure of brand-new token listings.

It’s affordable to presume that Armstrong thinks more option is a factor in increasing its income. There are presently 207 markets readily available on Coinbase Pro. This falls method except Binance, which offers users 1,232 markets.

While option might make Coinbase more appealing to users, selecting the proper projects is equally important.

Few tokens have been as prominent as Dogecoin this year. It might have begun as a joke about an excessively serious industry, however its meteoric cost increase now puts it in an entire various light.

No matter what serious investors think, 10,000% gains YTD suggests public belief has an even more significant effect than fundamentals alone.

In the past, making a Coinbase listing was seen as a turning point accomplishment. The platform’s quality over quantity technique provided listed tokens an air of authenticity.

With that, provided Dogecoin’s up-and-coming listing on Coinbase, should we now accept that DOGE has transcended its initial function?

Addressing yes implies Dogecoin belongs in the very same bracket as Bitcoin, Ethereum, and Litecoin. But for some, that remains an action too far.

Dogecoin 4-hourly chart

 Source: DOGEUSD on TradingView.com COIN Stock Continues To Sink Coinbase released its first-ever quarterly earnings report as a public company on Thursday. Profits was $1.8 billion versus an anticipated$1.81 billion. Revenues per share (EPS) was available in at $3.05 versus an expected of $3.09.

In a statement, the company discussed it lost out on income due to the unavailability of certain crypto assets on its platform.

“& ldquo; Our competitors are supporting specific crypto possessions that are experiencing large trading volume and development in market capitalization that we do not presently support, in addition to providing brand-new product or services that we do not provide.”

& rdquo; While real profits and EPS were not enormously off from expectations, as the first significant crypto company to go public, Coinbase is being held to a higher requirement.

This shows in its sinking stock rate, which is down 19% from its mid-April NASDAQ debut.

Source: google.com Lisa Ellis of MoffettNathanson said it's easy to be negative on Coinbase. But she keeps that it's still early days.