Divise Meme Token Dogecoin will receive a Coinbase list within the next six to eight weeks.
The comments came from Brian Armstrong, Coinbase CEO, who discussed how the company can move forward as a public company after its unexpectedly poor first earnings report.
Given Dogecoin struggles to recover from Elon Musk’s SNL bug in which he called it “the hustle and bustle” one has to wonder if this is the right strategy for Coinbase.
Is the Dogecoin narrative changing?
With the implementation of a Dogecoin listing, the Coinbase boss hopes to change the situation in the company. He added that there was a general need to speed up the process of listing new tokens.
Presumably Armstrong believes that more choice is a factor in increasing sales. 207 markets are currently available on Coinbase Pro. This doesn’t match Binance, which offers 1,232 markets to users.
While choosing Coinbase could make it more appealing to users, choosing the right projects is just as important.
Few tokens have been as influential as Dogecoin this year. It may have started out as a joke about an overly serious industry, but its meteoric price spike now puts it in an entirely different light.
Regardless of what serious investors think, year-to-date gains of 10,000% suggest that public sentiment is a far more significant influence than fundamentals alone.
In the past, collecting a Coinbase list was considered a milestone. The platform’s quality-over-quantity approach gave the listed tokens an air of legitimacy.
Given the up and coming listing of Dogecoin on Coinbase, should we now accept that DOGE has surpassed its original purpose?
If you answer yes, then Dogecoin belongs to the same group as Bitcoin, Ethereum and Litecoin. But for some, that’s a step too far.
Source: DOGEUSD on TradingView.com
COIN stock continues to drop
Coinbase published its first quarterly report as a public company on Thursday.
Revenue was $ 1.8 billion versus an expected $ 1.81 billion. Earnings per share (EPS) was $ 3.05 versus an expected $ 3.09.
In a statement, the company mentioned that it had missed revenue due to the unavailability of certain crypto assets on its platform.
“Our competitors are endorsing certain crypto assets that have high trading volumes and market cap growth that we do not currently support, and offer new products and services that we do not offer.”
While actual sales and EPS didn’t deviate massively from expectations, Coinbase is being held to a higher standard as the first major crypto company to go public.
This can be seen in its falling share price, which is down 19% from the NASDAQ debut in mid-April.
Lisa Ellis of MoffettNathanson said it was easy to rate Coinbase negatively. But she claims it’s still early.