Cryptocurrency and its domination in the world
Cryptocurrency has emerged as the next big revolution in the financial industry, due to popular CEO tweets around the world and crypto exchanges choosing to market cryptocurrencies left, right, and center. While cryptocurrencies such as Bitcoins, Ethereum started to rule the crypto market, there were many other cryptocurrencies that were struggling to make a place for themselves in the crypto market and were facing difficulties as the investors were not interested in exploiting them to say the least.
Coinbase’s decision to list as many cryptocurrencies as possible.
Coinbase chose an interesting model of marketing strategy, where they started listing any type of cryptocurrency. Being one of the most popular and beloved crypto exchanges in the world, coinbase definitely wanted to capture and take over the market and have monopoly control over the market. Cryptocurrency listings such as “Shitcoins” were made to give a wider option to investors and people who deal with cryptocurrencies. This decision was implemented strategically to avoid the displacement of coinbase investors to other crypto exchanges at the expense of these unpopular currencies.
How did this decision to list Shitcoins backfire?
Shitcoins, from a layman’s perspective, mean cryptocurrencies that have very little, if any, use. They have no identifiable purpose, no basis for existence, and no foundation to sustain them. Once coinbase continued with the strategy of listing shitcoins, it started to receive a lot of backlash from investors who traded with coinbase. Being one of the top 3 cryptocurrency exchanges, it felt like coinbase was desperately trying to captivate the market more and more. But the situation seems to be getting worse for coinbase. While many investors rebelled against the inclusion of shitcoins, last week’s stock market crash added more salt to the wound. The major currencies could not withstand the atrocity of the stock market crash. Admittedly, shitcoins could not withstand the atrocity of the stock market crash. People then questioned coinbase’s listing policies and marketing strategies.
It is well known that after the emergence of cryptocurrencies in the market, investors go crazy with the idea of owning different types of cryptocurrencies to add more value to their portfolio. To meet these interests, coinbase offered to list currencies without analyzing their performance and importance in the market. Possessing such a milestone, investors rightly criticized coinbase for listing shitcoins with them and bombarded coinbase listing policies.