Dogecoin To Get Listed in Coinbase in Six to Eight Weeks
Brian Armstrong, the CEO of Coinbase Global Inc, revealed that the exchange will list Dogecoin within two months while discussing his company’s Q1, 2021 results with investors and analysts.
This comes as the cryptocurrency’s price has risen to an all-time high over the past five months, giving exchanges like Binance and Huobi a strategic edge in terms of trading volume.
Armstrong also said that the exchange needs to expedite the procedure of introducing additional cryptocurrencies to its portfolio. After an article on the webpage of Coinbase in April encouraged investors to include the meme coin to their radar, the idea to list Dogecoin was informally in conjecture.
“Although DOGE is not available to trade, you can add it to your watchlist, read news, and more with a Coinbase account.”
Notwithstanding the the absence of a practical use scenario, OKEx, which listed Dogecoin in 2019 and attracts the majority of its regular trading volume, disclosed in the media that there is a strong market for DOGE. Huobi’s co-founder, Du Ju, has confirmed that they are aware of the enthusiasm for Dogecoin among cryptocurrency and blockchain enthusiasts.
It’s possible that Coinbase Global took this step out of a fear of losing out.
Nevertheless, the asset’s popularity, which has seen it leap by a considerable margin over last six months and place it among the top 5 cryptocurrencies by market cap, may well be the factor. In a twitter post, Elon Musk stated that he is collaborating with Doge programmers to increase processing speed.
The initiative has come soon after his latest switch from Bitcoin to Doge coin, as well as a Twitter poll over whether or not to consider Dogecoin as mode of payment for Tesla vehicles – received 78% of nearly 4 million votes in favor of the decision. Musk has voiced alarm about the heavy energy consumption of Bitcoin mining.
“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
Coinbase exceeded projections during first quarter of 2021, with a $3.05 dividend per share on sales of $1.8 billion, up from $585 million the year before. Investors were not upset as forecasts stood at $3.07 on sales of $1.814 billion.
Following news that its competitor Binance is being investigated by the US Justice Department and the Internal Revenue Service, Coinbase is on high guard. Officials are collecting intelligence about the trades from those who are familiar with its operations as part of a money laundering investigation.