Coinbase Reports Record Revenue and Says It Will List Dogecoin in 6 Weeks

Coinbase has had a spectacular 2021. The company announced $1.80 billion of revenue, $585 million more than the fourth quarter of 2020, and $191 million more than its results from a year ago.

Much of these numbers are driven by the growing interest in cryptocurrencies. 56 million users and 6.1 million monthly transactions put the company right on the money radar, primarily since Coinbase benefits from the fees generated by every trade made on its platform.

The IPO was also good news for Coinbase, which has benefited from increased confidence in its brand. Being fully regulated, Coinbase has become a benchmark for U.S. institutions and investors looking to increase their exposure to cryptocurrencies.

Coinbase shares rose 3% in after-hours trading session following the positive results. However, alarm over a possible investigation by the IRS and DOJ into Binance raised nervousness among traders, and the stock fell 6.5%.

Coinbase is the leading cryptocurrency exchange in the United States. It offers a trading platform, a wallet, a custody service, and blockchain analytics services.


Coinbase Sends Dogecoin To The Moon… With The Help of Elon Musk

In the same report, Coinbase announced its decision to list Dogecoin (DOGE) in a period of about 6 to 8 weeks.

The decision was in stark contrast to its previous image as a company that only listed serious projects with solid fundamentals; Dogecoin is definitely the absolute opposite of this philosophy. But the laws of competition in the markets can outweigh personal philosophies, and the CEO of Coinbase made it clear:

“Our competitors are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer,”

The news was a breath of fresh air for traders of the meme cryptocurrency that had only been falling for the previous 5 days. Amid today’s bloodbath, Doge hodlers can boast a 20% return in the last 24 hours.

Dogecoin USD
DOGEUSD. Image: Tradingview

In fact, Coinbase is not the only pro-Dogecoin company out there. Dogecoin is once again benefiting from the actions of the one and only Dogefather, Elon Musk.

A few minutes ago, the Tesla CEO announced that his company would stop accepting Bitcoin as payment for its new electric cars. The news caused a general crash in the crypto markets. Still, Dogecoin has managed to emerge unscathed after a tweet in which Elon announced that he was working with Dogecoin developers to increase the efficiency of the network.

Previously, Elon ran a poll asking if Tesla should accept Dogecoin as payment, and Dogecoin uses a more environmentally friendly consensus algorithm.

Will Dogecoin be Tesla’s new favorite currency?

Only God knows what is crossing Elon’s mind.


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Elon Musk Claims He Is “Working With Doge Devs” On Potential Improvements

Elon Musk tweeted that he has engaged with “Doge devs to improve system transaction efficiency.”

This comes after he tweeted about Tesla ceasing to accept Bitcoin over energy consumption concerns, which sent the entire crypto market downwards.

Dogecoin, which has received an incredible amount of attention due to Musk, was also recently announced to be launched to the “literal moon” on a SpaceX rocket in 2022.

Musk hinted that he was looking into alternative cryptocurrencies for Tesla to accept payments in, and previously polled twitter if they wanted him to accept Dogecoin.

For a project with very little development activity, Dogecoin may be getting much needed renewed attention in terms of development. Critics, however, are noting that Dogecoin is merge mined with Litecoin—another proof of work (PoW) cryptocurrency (like Bitcoin) and thus has similar energy consumption properties.


Nicholas is the Director of Research and Development at Inca Digital. Nicholas holds some Digital Assets. Nothing here is financial advice.


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Oh where, oh where have Ethereum bulls gone? Sub-$4K ETH fails to entice traders

Cryptocurrency price corrected sharply today, including Ether (ETH), but this is a short-term move which is not reflective of the more macro-level events which still paint a bullish picture for assets like Ether and Bitcoin.

In the last 30 days, Ether price gained 96%, moving from $2,138 to $4,200 on May 11. Normally the assumption would be that every trader is consumed with euphoria and this would be seen in the funding rate reaching record highs on Ether futures contracts but at the moment this is not the case.

The funding rate appears to have flatlined on April 18 and at the moment it seems that there’s nothing that can be done to re-ignite buyers’ leverage.

Ether token-margined perpetual futures 8-hour funding rate. Source: Bybt

Take notice of how the cost for longs (buyers) to carry open positions on Feb. 20 reached 0.20% per 8-hour, equivalent to 4.3% per week. A 74% price hike in 30 days fueled that situation as Ether tried to break the $2,000 resistance.

More recently, a similar situation took place on April 3 after Ether rallied 43% to a $2,150 all-time high. Movements like these typically mark retail traders’ excessive use of leverage. Meanwhile, whales and arbitrage desks open longs using the fixed-month future contracts to avoid the funding rate oscillations.

The 19% negative price swing on April 17 caused $1 billion long futures contracts liquidations. That event crushed bulls’ morale also impacted their confidence in building leveraged-long positions.

Top traders also lack confidence

Typically retail traders are more inclined to take a longer time to recover from unexpected losses, but this time around, pro traders also lack conviction despite the rally.

The top traders’ long-to-short net positioning is calculated by analyzing the consolidated positions on the spot, perpetual and futures contracts, providing a clearer view of whether professional traders are leaning bullish or bearish.

With this in mind, there are occasional discrepancies in the methodologies between different exchanges, so viewers should monitor changes instead of absolute figures.

Exchange’s top traders ETH long-to-short ratio. Source: Bybt

Despite the $4,380 all-time high on May 12, these top traders are nowhere near the highest long-to-short ratio. OKEx presents the most drastic change as the indicator reached 0.97 on April 18 and has since declined to 0.50, meaning top traders are 2:1 net short.

Binance top traders long-to-short oscillated between 0.86 and 0.95 over the past thirty days, and the indicator currently stands at 0.89. That should be interpreted as a ‘neutral’ position, which seems odd considering the 96% rally during this period.

Lastly, Huobi’s top traders’ leverage indicator peaked on May 4 at 1.00, indicating a balanced situation between longs and shorts. However, it currently stands at 0.95, therefore signaling a lack of excitement.

Bitcoin’s price action could be the reason

It’s no secret that Bitcoin (BTC) movements dictate traders’ general feelings, even if it means cheering for its price to stabilize near $55,000.

Posts like these can be found all over Twitter and in a way, they confirm that investors expect altcoins to crash if Bitcoin moves below $50,000. This may be the primary reason for the lack of confidence in Ether longs.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.