In the announcement made by Coinbase on Tuesday, traders will be able to use the Pro platform. “liquidity” It was announced that he could trade Dogecoin on Thursday, depending on the conditions.
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Dogecoin rallied over 30% after the announcement and hit $0.43. DOGE is trading at $0.41 at the time of publication.
So what does this listing mean for the meme cryptocurrency? Analysts, fund managers and rival exchanges spoke to CoinDesk about listing Dogecoin.
Oanda’and Edward Moya
Edward Moya, Senior Market Analyst at Oanda, “People will still be cautious in the long run, but this debut will eventually have the ability to attract not just the Robinhood/Reddit army but traditional investors as well.” said.
Moya, “There is definitely momentum behind this move” he said.
After Elon Musk’s appearance on SNL, the momentum of the meme cryptocurrency slowed and quieted down, according to Moya, people switched to Ethereum, Safemoon and other altcoins.
Moya was once for technical traders “an embarrassing trend” He said that what was seen as
Cryptocurrency exchange Kraken said it had processed over $6.5 billion in DOGE in April and over $9 billion in May.
According to Moya, while the meme cryptocurrency has received backing from Tesla CEO Elon Musk and billionaire entrepreneur Mark Cuban, the cryptocurrency needs some kind of use case argument for it to be truly successful.
“There must be some kind of innovation” said.
Voyager’dan Steve Honest
Voyager, a US cryptocurrency trading app that supports individual trading for Dogecoin, said they saw “significant appreciation and trading activity” on Dogecoin on their platform.
Voyager CEO’su Steve Ehrlich “While Dogecoin is gaining popularity across all demographics, we have had consistent net buyers showing the overall bullishness around it” said.
Coinbase, in a blog post “Unlike Bitcoin, which is designed to be scarce, Dogecoin is deliberately plentiful – 10,000 new coins are mined every minute and there is no maximum supply” he wrote.
CoinShares’den James Butterfill
CoinShares Investment Strategist James Butterfill said that while speaking to clients who are institutional investors, they are hesitant to invest in Dogecoin due to its lack of fundamentals.
“When you invest in any digital asset, you have to look at the fundamentals behind it, Dogecoin has a lack of it” said.
Fairlead Strategies’den Katie Stockton
Technically speaking, Katie Stockton, founder and managing partner of Fairlead Strategies, is part of the move. “perception of validity” He said he saw what he created.
“What we are seeing right now is a short-term oversold bounce” said.
Stockton said that Dogecoin is gaining some short-term momentum, but its upside movement will remain limited.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.