Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.
Dogecoin’s price is up 25% in the last 24 hours after the news on its anticipated Coinbase listing.
US cryptocurrency exchange Coinbase has announced that it plans to list Dogecoin (Doge) on its platform. CEO of Coinbase Brian Armstrong speaking on the company’s strong Q1 performance stated that Coinbase‘s decision to list Dogecoin is part of a plan to change its processes for listing coins and to add digital assets that have just been minted. Armstrong added that the crypto exchange will soon start listing ‘debut’ coins or digital assets that have just been minted and are making their debut on the market.
Coinbase shares saw a 6% rise in the pre-market trading on Friday after it revealed that its first-quarter revenue and net income were off the roof as a result of the recent boom in crypto prices and the new wave of interest from investors. The company revealed that its earnings per share rose to $3.05 as its revenue shot up from $585 million in the previous quarter to $1.80 billion. Coinbase’s net profit for the quarter more than tripled from last the last quarter’s $177 million to over $771 million in the first quarter and was over 24 times higher than the year-ago quarter’s profit.
Coinbase’s current policy evaluates cryptocurrencies based on the security of the digital asset if it could be potentially deemed a security or not. This marks the first time the executives of Coinbase have stated that they would list digital coins with no volume. “We’re going to have to do this in the future, be the first to list a number of these coins,” CEO Brian Armstrong stated, adding that there is a backlog of assets that Coinbase needs to get to, and it’s working on speeding its coin listing process.
Dogecoin’s price is up by 25% in the last 24 hours after the news on its anticipated Coinbase listing, coupled with Elon Musk’s tweet earlier today about “working with Doge developers to improve system transaction efficiency,” adding the coin is potentially promising. The digital coin which was created as a joke and has been a meme-coin for most of its stay on the crypto market has now seen over 26,000% rise in its value in the last six months. Dogecoin is now the fourth-largest cryptocurrency on the crypto ladder with a market cap of $69 billion and is poised to grow even further after finding a growing community and a price catalyst in Elon Musk.
Dogecoin’s price rallied to an intraday high of around 56 cents in the early stages of Friday and was up 36% at 52 cents per coin as of 4:30 am ET. The digital coin is still down by 20% from its record high of almost 67 cents seven days ago after Elon Musk, making his hosting debut on ‘Saturday Night Live’ called Dogecoin a hustle.
Elon Musk, who has practically been the face of the digital project, previously stated that all his comments related to Doge were just that, his comment and should be taken seriously. He has since circled back on his words and has led somewhat of a campaign in pushing the price of the digital coin up.