Coinbase’s Grand Token Listing Potential: Transparency Over Hype

The Dawn of Transparency

In an unprecedented move, Coinbase, America’s largest crypto exchange, has rolled out a comprehensive list of tokens it might consider adding in Q2 of 2022. A Tuesday blog post announced this milestone towards transparency, revealing that not only popular ERC-20 tokens from the Ethereum network are on the table but also some SPL tokens from Solana. This is the crypto version of being ‘vague yet specific.’ Sort of like saying you’ll eat a balanced meal – but only if pizza is included.

Tokens That Make the Grade

Among the frontrunners vying for a spot are Binance USD (BUSD), the third-largest stablecoin out there, and BitDAO (BIT), a DAO darling with a market cap just over a billion bucks. It’s like a popularity contest, and these tokens are the ones showing up in the best outfits. The exchange assures its audience that it’s working to create “information symmetry,” a fancy way of saying they want to keep things honest. No more retail investors being blindsided on listing day.

A Historical Context: Pump and Dump Scenarios

Many seasoned crypto enthusiasts know the drill: the excitement of a Coinbase listing can lead to price swings that resemble a rollercoaster ride on caffeine. In 2020, coins like OMG Network saw a dizzying 200% pump in just fifteen minutes before plummeting into the abyss. With this new approach to listings, Coinbase aims to curb these rapid pump-and-dump scenarios by letting traders have a heads-up on potential listings. It’s like telling your friends you’re bringing snacks to a party—everyone’s a bit more chill about waiting.

The Mixed Reactions from the Crypto Community

Not everyone’s impressed, though. A Twitter user known as “12yearoldwithcc” threw shade at Coinbase, declaring the potential listings to be “lackluster.” Their tweet, “Coinbase is in their flop era,” resonated as the blunt truth many in the crypto space were hesitant to say. Meanwhile, other crypto projects are practically doing backflips at the idea of being noticed by Coinbase, even if it means they’re merely on a wish list. The small but ambitious Big Data Protocol celebrated an eyebrow raise from Coinbase with a cheeky tweet, boasting a mere $3.3 million market cap.

Coinbase’s Shiny Distractions

As if new token listings weren’t enough, Coinbase also threw its hat into the NFT ring by announcing plans to create a trilogy of films centered around the Bored Ape Yacht Club NFT collection. Some think this decision is steeped in brilliance, while others are decidedly skeptical, especially regarding the $10,000 deal offered to Bored Ape holders for their likenesses. Honestly, is it a film deal or just the internet’s latest inside joke? It’s new-age Hollywood meets blockchain!

A Tumultuous Week

For Coinbase, it’s been a rollercoaster week. After launching trading services in India, they quickly hit a snag and suspended buy order services following a stern talking-to from local regulators. Welcome to the wild world of crypto, where one day you’re king, and the next day, you’re dodging regulatory bullets!