Coinbase stock has been under some serious pressure as of late due to a high IPO sale what quickly sold off from $350 per share down to $240 that we are at today.
Coinbase stock is only up 0.65% today however that offsets what most feared would be a massive dump since the crypto markets took a rather quick 50% hit. However Coinbase gets paid either way if there are buys or sales as they collect traction fees. The more transactions going on the more revenue Coinbase makes.
In response to this selling pressure coinbase now has a obligation to it's huge collection of investors to make more money. How do they do that when times are low?
By Hyping things up!
There are two major developments happening soon for Coinbase and they are as follows.
Dogecoin Listing
Dogecoin might be a meme coin but it packs a huge amount of trading and a rather substantial market cap along with it. This will most likely inject funds into other projects including DeFi. All of these things mean more market cap in crypto.
Marketing 101 don't try and control what people "should" be buying or smartly buying. Instead just give them what they want and profit. It's not your job to control and tell people this is a bad choice they are free to make that choice for themselves. There's far more money to be made in simply providing what people want and in this case it was to like Dogecoin on Coinbase.
This listing is only for Coinbase Pro users at the moment. However we have seen introduction of coins after some time from pro to the main site in many cases.
Apple and Google Pay
Coinbase announced it will be partnering with Apple and Google wallets. One of the things that's going to really start boosting up transactions for everyday people is the fact that the waitlist currently can get 4% back in crypto rewards on purchases starting this week.
With mobile payments hitting all new highs this could be a big thing for the crypto market. However stinky laws start to come into effect and complicated taxes and I'm curious how that will be taken care of. Even if you buy things with crypto it gets taxes as a stock on EVERY transaction. This is going to make a seriously huge mess of thing when tax time comes. Perhaps if it's a big enough impact we could see some regulations change around how crypto is taxed because right now it's trash lol.