- Coinbase CEO discloses that Dogecoin would be listed in six to eight weeks.
- Elon Musk also revealed to be working with Doge developers to improve transaction efficiency.
While dicussing his company’s first-quarter performance with investors and shareholders, Brian Armstrong, the CEO of Coinbase Global Inc disclosed that the exchange would list Dogecoin in two months. This follows the recent unprecedented surge of the coin’s price in the last five months and the competitive advantage the likes of Binance and Huobi have seen with massive trading volume for the asset. Armstrong also mentioned the need for the exchange to accelerate the process of adding new cryptocurrencies to the list of offerings.
The decision to list Dogecoin was unofficially in speculation after a page on the Coinbase website last month urged investors to add the meme coin to their watch list.
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 most of its daily trading volume revealed in the press that there is a robust demand for DOGE despite its lack of real use case. The co-founder of Huobi, Du Ju also stated that they feel the passion from fans of cryptocurrency and blockchain for Dogecoin. Coinbase Global may have made this decision due to the fear of missing out.
However, the recent performance of the asset, having surged by a significant margin in the last six months, and finding a position in the top five largest cryptos by market cap may have been the reason.
Elon Musk working with Doge developers
Elon Musk in a recent tweet disclosed he’s working with Doge developers to improve transaction efficiency.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
This follows his recent change of heart from Bitcoin to the meme coin and running a poll on Twitter on whether to accept Dogecoin as payment for Tesla cars – 78 percent of almost 4 million people voted “Yes”. Musk has shown concern about the high amount of energy consumed in 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 meets Q1 expectation, Binance under investigation
Coinbase has in the first quarter of the year met expectations with a $3.05 dividend per share on revenue of $1.8 billion compared to the $585 million in the previous year. Investors were not disappointed as they expected an EPS of $3.07 on a $1.814 billion revenue. Coinbase is on an alert after a report that its rival Binance is under investigation by the US Justice Department and the Internal Revenue Service. The authorities are obtaining information about the exchange from people well knowledgeable about its operation in a probe said to be related to money laundering.