The crypto community has lambasted centralized cryptocurrency exchange Coinbase for providing a variety of cryptocurrencies deemed shitcoins. This problem developed after certain crypto researchers detected an increase in the amount of high-risk coins listed on the market. As a result, the community is left wondering about Coinbase's listing regulations and marketing efforts.
This prompted several cryptocurrency analysts to respond in a post about it.
Allow me to share an article I wrote that looked into how shitcoins perform after being listed on Coinbase.— Sam Callahan (@samcallah) May 19, 2022
After digging into it, I remain highly critical of Coinbase's questionable listing policies and marketing strategies.
TL;DR - Coinbase is the woooooooorst 🎶 pic.twitter.com/nbrboCj9vt
The message by Bitcoin enthusiast Sam Callahan sparked a wide range of reactions and emotions on Twitter. Some agreed, while others voiced their own opinions on the subject.
Despite the criticism leveled towards the exchange, Coinbase remains one of the top three exchanges according to CoinMarketCap. It has a market valuation of more than $2.3 billion and over 2 million weekly visitors. This record demonstrates that the exchange is consistently supported by investors and traders worldwide.
Regardless, crypto exchanges like Coinbase will continue to operate their platforms despite the hurdles they encounter on a daily basis. As a result, it is up to the users to select what type of exchanges they will engage in. However, it is advised to conduct extensive study before investing in crypto assets. Traders and investors can avoid irreversible losses in this manner.
On the other hand, despite market highs and lows, Bitcoin, the king of crypto assets, remains the most traded crypto asset. At the time of writing, BTC is trading at a reasonable price of less than $40K, with a massive market capitalization of about $600 billion. Its 24-hour trade volume exceeds $34 billion.