While discussing his company's first quarter performance with investors and shareholders, Brian Armstrong, the CEO of Coinbase Global Inc, revealed that the exchange would list Dogecoin in two months. This follows the recent unprecedented rise in the price of the coin over the past five months and the competitive advantage that Binance and Huobi have seen with massive trading volume for the asset. Armstrong also mentioned the need for the exchange to speed up the process of adding new cryptocurrencies to the list of offerings.
The decision to list Dogecoin was unofficial speculation after a page on the Coinbase website last month urged investors to add the meme coin to their watchlist.
"Although DOGE is not available to trade, you can add it to your watchlist, read news, and more with a Coinbase account. ”
OKEx, which listed Dogecoin in 2019 and enjoys the majority of its daily trading volume, revealed to the press that there is strong demand for DOGE despite its lack of actual use cases. Huobi co-founder Du Ju also stated that they feel the passion of cryptocurrency and blockchain fans for Dogecoin. Coinbase Global may have made this decision out of fear of missing something.
However, the asset's recent performance, which has risen by a significant margin in the last six months, and has found a position among the top five cryptocurrencies by market capitalization may have been the reason.
Elon Musk working with the Doge developers
Elon Musk in a recent tweet revealed that he is working with Doge developers to improve transaction efficiency.
This follows his recent change of mind from Bitcoin to meme currency and conducting a Twitter poll on whether to accept Dogecoin as payment for Tesla cars – 78% of nearly 4 million people voted "Yes." Musk has shown concern about the large amount of energy consumed in mining Bitcoin.
"We are concerned about the increasing use of fossil fuels for mining and Bitcoin transactions, especially coal, which has the worst emissions of any fuel. "
Coinbase meets Q1 expectations, Binance under investigation
In the first quarter of the year, Coinbase met expectations with a dividend of $ 3.05 per share on revenue of $ 1.8 billion compared to $ 585 million the previous year. Investors were not disappointed, as they expected EPS of $ 3.07 on revenue of $ 1.814 billion. Coinbase is on alert after a report that rival Binance is being investigated by the United States Department of Justice and the Internal Revenue Service. The authorities are obtaining information about the exchange from people well informed about its operation in an investigation that is allegedly related to money laundering.