Will the lack of listing on Coinbase and Binance cryptocurrency exchanges impact negatively the future of the ‘joke’ coin, Dogecoin (DOGE)?
Dogecoin (DOGE) built its reputation from the gutter as the coin started as a tipping coin on various social platforms, most notably Reddit cryptocurrency subreddits. The tipping coin soon transformed to a fully-fledged transaction coin gaining acceptance by various merchants. The big break for Doge was in 2014 when Shopify, one of the largest online retailers with over 120K+ merchants around the world, accepted the use of DOGE alongside Bitcoin (BTC) and Litecoin (LTC).
However, it’s the legend of the advent of Dogecoin keeps the project more interesting– it started as a ‘joke’ with no intention of reaching these heights seen on the project.
The Pride of Dogecoin: “We are not preparing the Coinbase filing”
As one of the top transaction coins in the market, Dogecoin has witnessed a number of calls from supporters for the coin to gain listing from Coinbase cryptocurrency exchange. With valid reasons, the process will definitely help further adoption of DOGE across the world as Coinbase sets up shop in Europe. However, I am of the idea the listing on Coinbase or Binance should not be a priority for the coin currently doing well.
Its widespread knowledge that Binance and Coinbase cryptocurrency exchanges are two of the most prestigious exchanges to list a cryptocurrency. The prestige most of the times leads to a dramatic increase in prices of the listed currencies and a boost in the daily trading volumes. This is the prestige so many coins fight for.
“So since some “journalists” seem to like to misquote us about the Coinbase filing that we are not actually preparing we’ll just do it here because that’s as far as it gets: Hey @coinbase list us pls kthxbye.” – Unofficial Dogecoin Twitter account
However, one coin has remained unbothered with all the reports of a listing on either exchange, Dogecoin. Now in the sixth year of operation, Dogecoin is yet to be listed despite its high coin ranking, huge adoption rates or strong crypto community it has.
Factors that will push DOGE past Coinbase/Binance listing
Dogecoin still stands as one of the strongest communities in the crypto universe. The coin is still trading high daily volumes at $12,070,464 USD across 300+ pairs of crypto in a multiple of exchanges. However, a listing on either of the exchanges is beneficial to Dogecoin’s recent cause to become a global transaction coin across various merchants.
Dogecoin will need to focus on the factors below to offset the opportunity cost from lack of listing on the two top crypto exchanges.
· The Dogecoin–Ethereum bond
With such a strong community behind DOGE and the recent updates seen on the GitHub page of the project, Dogecoin has its first pillar of pride set. The recent launch of the Dogethereum bridge which will make the developments within its infrastructure more efficient to improve token liquidity.
· Dogecoin, World’s best transaction coin?
DOGE is one of the first cryptocurrencies to gain adoption through its real use [transaction] as opposed to trading the coin. Investors in DOGE bought amounts of the coin to tip rather than HODL or trade for profits. The coin has since been adopted by over 120,000 merchants around the world from Shopify and other retail merchant stores around the world making DOGE one of the most widely spread coins.
The coin is currently ranked 21st on the market capitalization charts with a total market cap of $567,851,221 USD, a magnificent return on investment on DOGE. The price is at $0.004871 USD, representing a 5% daily drop in price.