Coinbase Misses the Golden Opportunity to List Dogecoin Which Skyrocketed More than 400-fold A Year

At 21:30 on April 14, 2021, Beijing time, Coinbase, the largest digital currency trading platform in the United States (stock code "COIN", with Goldman Sachs, Citigroup, JPMorgan Chase and other companies acting as its trading consultants) officially went public on the Nasdaq Stock Exchange, the first in the cryptocurrency field!

The listing of Coinbase has undoubtedly bolstered the confidence across the cryptocurrency exchange market and has even been hailed as a milestone and a new starting point in the development of the industry. This marks a milestone for cryptocurrency advocates, and is of extraordinary significance to the entire industry!

However, Coinbase missed the listing of Dogecoin, a recent hot coin. So far this year, Dogecoin has skyrocketed 25-fold.

What makes people drool with envy is not only the soaring price, but also the amazing trading volume.

Dogecoin has created the largest wealth effect this year, and it has also triggered eager attention and discussion both in and out of the circle. Many investors have also included Dogecoin in their major investment portfolios, leading to a unique "Dogecoin effect":

User traffic has surged. Cointelegraph stated that with the growing encryption boom, the number of subscribers to the Dogecoin and cryptocurrency Reddit communities has surged. According to statistics from Subreddit Stats, the "r/dogecoin" community, which is dedicated to digital assets, has received 145,859 new subscribers every week and 86,838 new users within a week;

The trading volume has surged and surpassed the figure of Ethereum. According to QKL123’s data, Dogecoin (DOGE)’s 24-hour trading volume has hit US$22.3 billion, surpassing the figure of Ethereum (US$22.2 billion), ranking third among cryptocurrencies by trading volume;

The market value has surged and ranked fifth. As of press time, Dogecoin has outrun the "stablecoin" USDT with a total market value of over US$50.2 billion, ranking fifth among cryptocurrencies, as well as major banks such as Barclays (US$44 billion), Lloyds Banking Group (US$42 billion), New York Bank (US$42 billion), and Agricultural Credit Bank (US$43 billion) by market value. 

As the Dogecoin effect continues to grow, there are rumors that the Chicago Mercantile Exchange will list Dogecoin futures. However, at present, Coinbase has not revealed any news about

Dogecoin listing. According to its website, "Although DOGE is not available to trade, you can add it to your watchlist, read news, and more with a Coinbase account." At the same time, Coinbase personnel did not respond to reporters' questions on relevant social media.

According to the data, since Dogecoin was listed on CoinEx Exchange, the contract trading volume soared to 30% of the volume of all trading pairs in a short period of time. An exponential increase in the number of holders also reveals its amazing attractiveness. Moreover, CoinEx has promoted Dogecoin in the Middle East and Eastern Europe.

A CoinEx employee said on social media: “After confirming the strong demand for Dogecoin, CoinEx listed this token in 2019. We also listed TurtleCoin, and are preparing to list more animal coins."

In addition, CoinEx launched CoinEx AMM, the automated market making function, in February 2021 to improve the liquidity of the exchange market. It combines AMM with the order book as the trading mechanism, and the system automatically converts the liquidity pool into an order book.

Three Major Advantages of CoinEx AMM

First, automatic market making to make profits

After a user provides liquidity, the funds will be deposited in the liquidity pool for automatic market making, and 60% of the transaction fee paid by all trading users will be allocated to all liquidity providers according to the proportion of their shares in the liquidity pool.

Second, daily income accumulated to be withdrawn all at once

The income from transaction fees earned in the market-making account for the day is calculated once a day, and is automatically deposited into the market-making account before 4 o’clock (GMT) the next day. You can get all the cumulative income when removing liquidity.

Third, liquidity adding and removal free of charge

The assets can be transferred between the spot account and the market-making account in real-time by adding and removing liquidity, free of charge.

CoinEx uses the "constant product market maker (CPMM) model" algorithm in AMM, which features the ability to provide liquidity for the market regardless of the size of the order book and the liquidity pool.

Dogecoin has gained increasing support

Some believe that the listing of Coinbase represents a turning point for the cryptocurrency world to become mainstream. However, according to media reports, many of Coinbase's major shareholders and investors sold about $5 billion worth of stock on the first day of trading. Among them is CEO Brian Armstrong who sold nearly US$300 million. The news swept through the cryptocurrency market, driving Bitcoin down to a low level of US$50,000 at that time. Dogecoin has many critics who think this cryptocurrency will disrupt the use of its counterparts. Besides, people cannot buy it on Coinbase. Judged from the news on various channels, Coinbase is not ready to launch Dogecoin.

Nevertheless, as celebrities like Elon Musk, Tesla CEO, started to embrace Dogecoin, its price has rebounded. Robinhood, a company that supports Dogecoin purchases, was faced with a system crash on April 16, in part due to the Dogecoin purchase rush.

In early March, according to western media reports, Elon Musk, CEO of Tesla and the top Dogecoin fan, hoped that Dogecoin could be listed on Coinbase. On Saturday, when a Twitter user asked Musk whether Coinbase should list Dogecoin, Musk replied "yes".

Dogecoin has gained increasing support from its advocates. Newegg, one of the largest PC hardware electronics retailers in North America, announced on April 20, 2021 that the company would officially accept Dogecoin as the official payment method. This move will undoubtedly push up the price of Dogecoin to a certain extent. It is worth mentioning that in 2014, Newegg was also the first major e-retailer to accept Bitcoin for purchases on its own platform.

As of press time, the market value of Dogecoin has soared to US$300 billion, beyond the figures of SF Express and Ford.