Yesterday, Coinbase announced that they will be listing over 30 more cryptos. As has happened in the past, they have skipped two of the most popular cryptos in the market, and that’s Dogecoin (DOGE) and Digibyte (DGB). This was expected given that, when Coinbase opened up to applications for new listings, the criteria was not very favorable for decentralized community-driven projects.
In fact, one of Dogecoin’s core developers expressed frustration with the requirements for applying to get listed. But does Coinbase really matter to the long-term prospects of these projects? If current market dynamics are anything to go by, chances are that not being listed on Coinbase won’t affect their long-termvalue growth potential. Here’s why.
Firstly, exchange listings no longer carry as much weight as they did in 2017. In 2017 and early 2018, a listing on a major exchange like Coinbase was a big thing. That’s because there was heavy demand for crypto, and people were desperate for avenues to get into the market. It was all FOMO driven. For instance, when Coinbase listed Litecoin (LTC), crypto FOMO was beginning to kick in, but most people didn’t know where to buy easily and safely. This caused a major spike in demand after Coinbase listed it, and was followed by a sustained bull run thattopped out in December 2017.
Fast forward to December 2018, and the market is very different. There are a lot more exchanges, which makes most cryptocurrencies easily accessible. However, the excitement around this market is no longer there. Every next guy and their aunt is no longer scrambling to buy crypto. This is an indicator that the low accessibility phase that led to exchange-driven FOMO is over. The next phase will be driven by adoption. What’s useful will grow and those with low use-value will disappear. No exchange listing can change this fact.
This is where Dogecoin (DOGE) and Digibyte (DGB) get to shine. While it started off as a joke, Dogecoin’s usage in the market has proven that it is no joke. It’s poised to change the payments landscape. A majority of the people that use Dogecoin (DOGE) use it for real-world transactions. This places it a rank higher than a good chunk of the crypto market. That’s because a majority of the coins have no use besides exchange trading. On this basis, Dogecoin stands out as a decentralized coin that has what it takes to explode in value in the long run.
Digibyte stands out too when it comes to potential for adoption. One of the markets that it is focused on is cybersecurity, and it’s a fast-growing market. Digibyte features like Digi-ID are already gaining adoption in this market, such as the adoption by AntumID. The advantage that Digibyte (DGB) has in this market is that its solutions are free, which gives it a competitive edge over centralized cybersecurity solutions. Digibyte also has a potential use case as a platform for developing decentralized applications, once Digiassets hit the market. Given that it is one of the most secure blockchains in the market, this feature could make it a major hit withcompanies looking to build on blockchain.
These use cases guarantee that, with or without a listing on exchanges like Coinbase, these two cryptos will thrive. The most important thing is that they are available on other exchanges, and accessibility is not an issue.