Hello and welcome to this week's edition of Overbit Round Up.
First up in today's edition of Overbit Round Up is a rags-to-riches story for one of the world's most popular cryptocurrencies: Dogecoin. The meme coin started back in 2014 has been years without its founder or even real, full-time developers; in fact, even its mining hash rate is 'borrowed' so-to-speak against Litecoin hash rate.
Nevertheless, none of these fundamentals was enough to stop a meme in motion. Even in the face of technicals like ridiculous inflation rates and block rewards, there seemed to be no stopping Dogecoin. Especially when the world's richest man is Elon Musk, has seemed hellbent the last few months on catapulting Dogecoin into the stratosphere (both figuratively and literally).
Well, after years of being considered a 'joke', it seems Dogecoin has finally taken it to the professional level.
Starting Tuesday, 2 June, Coinbase will allow its Pro users to trade Dogecoin. At the time of writing, Dogecoin is currently trading at 32 cents, representing a year-to-date gain of nearly 6,000 per cent - far outperforming the likes of Bitcoin, Ethereum and most other altcoins.
The trading will only officially begin on Thursday, 4 June, if 'liquidity conditions' are met, meaning the exchange has enough volume and interest. Given the absolute mania surrounding Dogecoin for the entirety of 2021, it's hard to imagine Coinbase Pro will fall flat in this aspect.
This comes as no surprise to close followers of Coinbase, either - back in May, CEO Brian Armstrong noted that adding new assets to Coinbase was 'near and dear to his heart. On top of that, Armstrong specifically mentioned Dogecoin as one of the coins with incredibly high interest and demand, with a listing imminent in the next 6-12 weeks.
Though, of course, it's impossible to say which way Dogecoin will go after the listing, one thing is for sure: the Dogecoin mania is undoubtedly here to stay, at least for the meantime. That being said, it's hard to see cryptocurrency markets deflating when Dogecoin is still one of the hottest assets in the world.
To close out today's edition of Overbit Round Up, we pivot over to the tech world where one software giant is making headlines.
According to recent reports, Google will accept adverts for cryptocurrency exchanges and digital wallets aimed at US customers on its platform beginning on August 3rd, though it seems Google's approach for advertisers is far from lenient.
For example, advertisers with cryptocurrency exchange and wallet offerings must meet Google's certification requirements, including registering as a Money Services Business with the Financial Crimes Enforcement Network and as a money transmitter or a federal or state-chartered bank entity with at least one state.
For anyone who remembers, this comes as a massive reversal from the tech giant, as all the Silicon Valley giants like Apple, Facebook and Google banned almost all cryptocurrency advertisements from their platforms. This ranged from anything to initial coin / direct offerings (ICO/IDOs), token pools, celebrity endorsements, decentralized apps (Dapps) and more.
With Google changing course, one would assume it's only a matter of time before the rest of the world's tech giants reverse course yet again. If cryptocurrency advertisements were banned at the start of the bear market back in 2018, one should wonder what the un-banning of these same adverts would entail for the market going forward.
As always, thanks for reading Overbit Round Up. Take care and safe trading until next time.