Back to the list

Coinbase Countdown Sparks Crypto Twitter Rumor Mill

source-logo  beincrypto.com 18 May 2023 08:03, UTC

Coinbase has tweeted a countdown timer, and the crypto community is speculating what it is. Current theories are a PEPE listing or something to do with Coinbase One.

Coinbase has posted a mysterious countdown timer, as seen in a tweet with the number ‘2’ posted on May 17. The timer presumably indicates the number of days before an unknown development, and the crypto community is busy deliberating what it is it refers to.

There are plenty of rumors abound as to what might happen in two days, with theories ranging from a listing of the popular meme token PEPE to a Coinbase One announcement. The countdown was first posted on May 16. However, in the past 24 hours, the community has been heatedly discussing the possibilities.

PEPE Listing Theories Are Floating

The prevailing theory is that the countdown has something to do with PEPE. To be clear, the theory only seems to have the basis of many individuals replying about PEPE listings to the tweet. Besides this, there is no substantial reason to think that it might be a PEPE listing.

Coinbase encountered some backlash from the PEPE community after the exchange emailed customers saying that the meme was a “hate symbol.” This would seem to discount the idea that the timer has something to do with a listing. Binance has already listed the token.

The timer could also have something to do with Coinbase One, a subscription-based service that offers members $0 trading fees and additional benefits. There is not much substance to this argument as well, so the crypto community will have to wait a few days to know for sure.

Earlier Base Announcement Fell Flat

The crypto community is also well aware that Coinbase had made previous announcements that resulted in an underwhelming response from the public. Most recently, this was the announcement of the platform’s Base protocol on Feb. 23. Generally speaking, the crypto community was less than impressed with the announcement.

Base is a layer 2 scaling solution for Ethereum, which will act as an on-chain home for Coinbase. The exchange stated that it plans to onboard 1 billion users to the ecosystem.

Coinbase Gearing Up for Major Battle

Coinbase has been embroiled in a battle with the United States Securities and Exchange Commission (SEC), as the latter sent the exchange a Wells Notice. The SEC alleges that Coinbase violated securities laws.

Coinbase has formed a heavyweight team of legal and political entities to take on the SEC. It has also called for open dialogue in response to the Wells Notice. The United States Chamber of Commerce has also sided with Coinbase in calling foul on the SEC.