- Runestone founder Leonidas wrote an open letter to crypto exchange Coinbase.
- Leonidas questioned the status of an application for the listing of DOG meme coin.
- Leonidas asked Coinbase to put in place an “equitable listing process.”
Leonidas, the founder of the Runestone protocol on Bitcoin (BTC) and host of The Ordinal Show, posted an open letter on X (formerly Twitter) addressed to the leading American crypto exchange Coinbase regarding the transparency and fairness of its listing of meme coin DOG.
In the X post, Leonidas explained the letter also addresses “broader concerns in the cryptocurrency space about transparency and fair listing practices for non-utility tokens (memecoins).”
On November 2, Coinbase founder Brian Armstrong claimed in an X post that his crypto exchange offers free listings, asking projects that are seeking listings to ‘drop a note.’ Leonidas took this to heart and said the Coinbase team has not responded regarding DOG listing despite the team’s efforts to engage with them.
A Call for More Equitable Listings
Leonidas asked Coinbase and CEO and co-founder Armstrong to change their listing policies to accommodate “decentralized and fairly distributed memecoin communities,” adding:
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Mr. Armstrong’s public call for applications and invitation to “drop us a note”, even after our initially fruitless earlier attempts, encourages the $DOG Army to reiterate our request for a $DOG listing.
According to Leonidas, the lack of transparency has “inadvertently favored venture-capital-backed memecoins” which are often dumped on retail investors by the insiders of these projects. The Runestone founder wants Coinbase to create an “equitable listing process” to address such issues.
DOG Analysis
DOG is trading at $0.004186 at the time of writing, down 7.67% in the past 24 hours with a trading volume of $13.66 million. It is ranked as the 211th-largest digital asset by market cap as per CoinMarketCap data. In the last 30 days, DOG has surged 9.06% while in the past week, DOG has crashed 3.34%.
The chart from TradingView above confirms that the Relative Strength Index (RSI) reads a value of 48.02 which means that the bears are currently in control of the DOG price action and the gradient of the line suggests that lower prices are possible for the meme coin in the short term.
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