Coinbase is currently the second-largest cryptocurrency exchange worldwide and the largest in the United States. The exchange is based in the United States and has a huge influence over the US crypto market.
The exchange has been around for a while and it is even listed publicly through the New York Stock Exchange (NYSE). Despite being a highly reputable and giant crypto entity, it is second to Dogecoin.
Dogecoin has Surpassed Coinbase’s Valuation
Coinbase Global Inc. has been around since 2013 and ranks among the top 5 cryptocurrency exchanges worldwide. It even rivals Binance to some extent, offering more crypto assets than the largest exchange.
As per the latest reports, the Coinbase exchange currently stands at a high market valuation that is worth somewhere around $8 billion. It is a huge figure for any cryptocurrency exchange to hold.
This is the reason why the exchange managed to be listed publicly and despite the major downtrends in the stock market, it has continued to survive.
It has survived the harshest of situations, which is because of the exchange’s resilience and access to an abundance of funds.
This is the reason why the exchange boasts of having a strong and high market valuation. Despite having a high valuation, it has been overtaken by Dogecoin.
The Dogecoin was also launched back in 2013 but from that year until the end of 2020, it existed as a meme coin. The meme coin had no value, meaning that the company running had no valuation at all.
However, the valuation of the Dogecoin platform started to surge due to the worldwide adoption of its native token DOGE.
The only purpose Dogecoin and its native token served until the end of 2020 were being a platform offering entertainment and comedy.
No one knew that Dogecoin would end up becoming a huge platform the creator of DOGE.
Huge Significance for Cryptocurrencies
Although the achievement does not hold any kind of value what it indicates is the preference of people towards the meme coins compared to the exchanges.
The Coinbase exchange has been around and operational since 2013, still, Dogecoin has surpassed the exchange in terms of valuation.
This means that despite having lost confidence in the cryptocurrency exchanges, the investors are invested in cryptocurrencies.
Although DOGE is heavily impacted by market volatility and turmoil. Still, its native token has outperformed the cryptocurrency exchange.
Dogecoin’s Valuation is $2 Billion More than Coinbase
In the past week, the trading price of DOGE has plummeted by 18%, moving the asset’s value down to $0.074442.
Despite the plunge in value, DOGE has not lost its ranking among the top 10 cryptocurrencies by valuation. It still ranks as the 8th largest cryptocurrency by market valuation.
At the time of writing, the overall valuation of Dogecoin stands at $10.24 billion. This goes to show that DOGE has been performing well despite the market turmoil.
The information around the trading price and valuation of the meme coin has been provided by Coingecko.
Coinbase’s Market Valuation
Then comes the market presence of the Coinbase exchange. At the time of writing, the market valuation of Coinbase Global stands at a high of $8 billion.
Despite having a strong valuation, Coinbase is $2 billion behind Dogecoin. It is worth mentioning that the Coinbase exchange is losing to a token that was once called a “joke coin”.
Compared to the COIN token, the valuation of DOGE is double its size. COIN is the native token issued and offered by the Coinbase exchange.
The overall valuation of the COIN token is somewhere around $4.8 billion.
DOGE and COIN are moving in the Opposite Directions
When it comes to the movement of both tokens, DOGE has a high potential of moving in the bullish zone. On the other hand, the potential of the COIN token is in the bearish zone.
This is because DOGE’s adoption and utility have been rising all over the world. On the other hand, the COIN token is limited to the Coinbase ecosystem, which does not offer much.
The Coinbase exchange itself is facing many losses, especially in the public market. Therefore, the exchange is constantly taking a hit to its overall valuation plus the token.