This week in the world of Bitcoin and cryptocurrency has not been the most explosive one with regards to the price of the major cryptocurrency — although some volatility has returned. But, it has been an interesting news week with Coinbase reportedly looking at going public.
Altcoins have also been showing big moves, and one of the more unlikely coins has had a big pump from an unlikely source — TikTok. Dogecoin has received a boost from a viral social media trend which is probably more of a warning sign, but other projects are showing good progression — such as Cardano.
Coinbase deciding to be listed on the stock market is massive as it shows the growth and adoption, as well as normalisation, of cryptocurrency and the businesses that operate in this nascent space.
Dogecoin heading for $1?
Dogecoin is one cryptocurrency that has never pretended to be anything more than it is, and has been happy to poke fun at itself. However, the coin suddenly started rising in price this week as a sector on social media platform TikTok started making it go viral.
The notion being that if a big enough group of people started buying $15’s worth of DOGE, the price may rise to $1 making these people a lot of money in return. Thetrend went viral, and started to pump the price of $DOGE to $0.05 — still a long way off.
However, big names like interest personality Jake Paul jumped on board as well as YouTube Streamer Troydan. Binance also jumped on the trend and offered trading with 50x leverage for the suddenly popular coin.
Coinbase heading for the stock market
Reuters reported that Coinbase, the popular American-based cryptocurrency trading platform, could pursue a public debut later this year, or early next year. Plans remain open but according to the report the crypto-focused fintech company “has been in talks to hire investment banks and law firms.”
Coinbase is arguably one of the large cryptocurrency companies out there and in 2018 it was valued at $8 billion. But the report is that Coinbase is exploring going public via a direct listing instead of a traditional initial public offering (IPO).
Other than DOGE pumping thanks to the viral trend, there has been talk of an altcoin season brewing this week as Cardano has had a very good week. The ADA token has seen gains over over 85 percent after a successful virtual summit and some other big advances in the SHelly upgrade.
Bitcoin’s flat trading has also been part of the reason why some believe altcoin season could be upon us, but this last week has seen some volatility return to the price of Bitcoin as it started rising towards $9,500, but has since fallen back towards $9,000.