DOGE Listing Fuels Excitement, Crypto ETFs Flood Euro Exchanges
A stable week for cryptocurrencies that included a coin listing that turned some heads, with all eyes still on greener crypto.
Dogecoin Listing on Coinbase Pro Ignites Surge
The world’s “joke” cryptocurrency was far from laughable this week as it got a new lease on life when Coinbase Global Inc. announced that it would be listing Dogecoin on its platform. Coinbase is set to begin accepting inbound transfers of the cryptocurrency on their professional asset trading platform, Coinbase Pro, with trading set to begin on June 3rd (upon meeting liquidity conditions). This debut on Coinbase Pro means that users of that exchange (estimated to be over 6 million users) can now trade the world’s fourth largest cryptocurrency, Dogecoin. As news of Doge’s availability broke, the coin surged more than 30% and started changing hands at 43 cents.
Dogecoin enthusiast Elon Musk did not shy away from weighing in on the matter by re-sharing a meme on his Twitter account showing Dogecoin overtaking the global financial system by storm. Musk had captioned the meme “It’s inevitable”.
Despite the fact that it started off as a satirical take on Bitcoin back in 2013, Dogecoin has soared in popularity in the past few years and its prices have seen gains of nearly 9,000% in the year to date.
XRP Sets Eyes on Greener Crypto, and Rockets 20%
An announcement made by Ripple revealed plans for a new project intended to combat high gas and mint fees. RippleX’s NFT project addresses the industry’s growing pains by adding NFT support to its XRP ledger with the intent of lowering carbon emissions.
A statement made by the company elaborated on this integration by saying, “Because the XRPL uses a novel consensus process for validating transactions, it consumes negligible amounts of energy and is 120,000x more efficient than proof-of-work networks. Building on the XRP Ledger provides developers a unique opportunity to run more sustainable NFT apps and marketplaces while eliminating a heavy burden for the planet.”
The company is referring to this generation of NFTs as cost-efficient and “inherently green by design”. This move by Ripple is welcomed in the crypto community as miners have found themselves battling with the perception that cryptocurrencies are energy exhaustive, leaving them vying for greener and more sustainable alternatives. It was only weeks ago when tweets by Elon Musk questioning the sustainability of Bitcoin mining coincided with the coin’s price tumbling. Days after, news of the establishment of a Bitcoin Mining Council promised more eco-friendly crypto.
Coinciding with this revelation, XRP’s price jumped 38% from last week and flipped into a demand zone. At the time of publishing, the coin was trading at just above $1.029.
From Skeptic to a Billion Dollar Crypto Investment
Billionaire founder and controlling shareholder of Icahn Enterprises Carl Icahn has wowed everyone by revealing that he is interested in getting into the crypto market in a “big way,” hinting at putting more than $1 billion into the crypto sphere. During a televised interview with Bloomberg, the investment mogul said that he studies Bitcoin and Ether, routinely looking for opportunities. He also called anyone who refers to crypto as having no real value a “little wrong-headed,” drawing comparisons between the digital assets and the US Dollar.
Icahn was formerly a skeptic of cryptocurrencies, having previously referred to Bitcoin and similar assets “ridiculous”.
Crypto ETPs Flood Paris and Amsterdam’s Exchanges
Signs of both competition in the digital assets space as well as institutional adoption, four issuers have launched Ether and Bitcoin exchange traded products (ETPs), listing them on the Euronext Paris and Euronext Amsterdam exchanges. France and the Netherlands join Switzerland and Germany in the crypto ETP market embrace in Europe, enabling investors with more access to buying into the crypto space. These ETP listings also provide access for a range of institutional investors, promoting them in a credible and secure space.
Commenting on the matter, Jason Guthrie, the Head of Digital Assets at the New York-based ETF sponsor and asset management firm WisdomTree said, “This milestone represents the growing acceptance of cryptocurrencies, the evolving European regulatory landscape and the latest signal that digital assets are here to stay”.
“Memecoins” on the Rise
New to the market, the Meme.com platform has managed to raise $5 million from blockchain venture capital funds. The platform aims to combine NFTs with so-called meme coins (like Dogecoin) into what is being referred to as “memetic tokens”. The platform will enable users to mint tokens based on the value of the meme they provide, and others will be able to stake those tokens. This segment of cryptocurrencies is increasingly being classified as a way to invest and for entertainment, and the integration of NFTs into their sphere could give them increased utility and purpose.
At the time of publishing, Bitcoin was trading at $38,840, while Ether was at $2,840. The world’s two largest cryptocurrencies had managed to recover some of their value amid a brutal bearish market.