Coinbase plans to begin trading Dogecoin in the next 6-8 weeks
During the discussion of the financial results of the first quarter of this year, representatives of the largest American cryptocurrency exchange Coinbase said that within the next 6-8 weeks they intend to carry out a Dogecoin listing on their platform. Coinbase, which had its initial public offering on Nasdaq on April 14, aims to monitor trends in the market and responded to investors’ requests to launch the ability to buy and sell this digital asset. Meanwhile, Coinbase shares lost 30.4% after April 14, while the Nasdaq index fell only 5.3% during the same time.
Coinbase Vice President of Finance Alessia Haas said that the cryptocurrency exchange does not intend to be completely competitive in the amount of transaction fees, as “we strive to be the most trusted company” in the cryptocurrency market. Coinbase plans to spend about 12-15% of its net revenue on its own advertising, with the company admitting that they are entering the global cryptocurrency market more slowly than they would like.
Meanwhile, Dogecoin received a double boost of publicity on May 14. In addition to the news of the planned listing on Coinbase, another tweet from entrepreneur Ilon Musk about Dogecoin appeared. He said that he was working with the developers of Dogecoin on improving the processing of transactions with this cryptocurrency.
As a result, Dogecoin on the afternoon of May 14 shows a 28.5% increase in price over the past 24 hours, rising to $0.5377. Meanwhile, this growth has not yet been able to offset the effect of the decline in the price of the digital asset, which has lost 12.2% in the dynamics over the past seven days.
Coinbase’s interest in listing Dogecoin is obvious: the bulk of net revenue, about 94% at the end of the first quarter, the company received at the expense of commissions for transactions on the platform. The total daily trading volume of Dogecoin now exceeds $45 billion, while this digital asset is capitalized at $69.5 billion.
