Coinbase does not currently support DogeCoin for trading. Because Coinbase typically charges fees and earns some amount per transaction they have missed an opportunity for earning fees during DogeCoin’s rise. A social media poll conducted by Coinbase found a majority want DogeCoin listed within the Coinbase app. Coinbase market share currently sits at about 11% of the crypto market making it a major influencer for mainstream adoption of any cryptocurrency.
Coinbase announced support coming for DogeCoin on its platform however they state it remains 6-8 weeks away. Speculation has begun about DogeCoin price movements based on this information. Specifically the DogeCoin community wonders if they may be the catalyst to push DogeCoin to $1 USD.
DogeCoin coming to Coinbase, which is dominant in the US crypto space as well as having a recent IPO, could be a signal to mainstream investors and currency ethusiasts that DogeCoin sits among the ranks of Bitcoin and Ethereum as widely accepted currency. Once broad adoption of a crypto currency takes place it typically picks up momentum as other retailers begin to accept it as payment.
It’s likely to be a continued bumpy ride for DogeCoin although we feel $1SD is inevitable the timing of that target remains challenging. Will we see another pump and dump with the Coinbase listing of DogeCoin? Will there be a long hype cycle as we get closer to the Coinbase listing? Indeed as of this writing the Tweets of major players in the crypto space have been largely credited with a broad sell-off of crypto currencies. It’s also possible than many sold to convert their gains into USD to give to the IRS for the US tax day which was delayed to May 17th 2021 due to the Covid-19 pandemic.
Coinbase market share currently sits at about 11%.
https://www.fool.com/investing/2021/05/13/why-coinbases-slow-start-spells-opportunity/
Coinbase polls customer base about coins
https://decrypt.co/70865/coinbase-to-add-doge-coin-in-next-6-8-weeks
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