Coinbase CEO Brian Armstrong Rolls Out Red Carpet for Dogecoin—Musk’s Meme Crypto Gets Institutional Shot
Dogecoin pumps 12% on rumors of Coinbase integration—because nothing says ’financial revolution’ like a Shiba Inu token backed by billionaire tweets.
Armstrong’s play? Either a masterstroke tapping retail mania or another exchange scrambling for relevance in the ETF era. Either way, the DOGE army’s buying.
Wall Street analysts mutter about ’speculative froth’ while quietly updating their DOGE price models. The crypto-industrial complex grinds onward.
Coinbase invites DOGE staffer who dropped out of campus
The message quoted a video shared by a conservative supporter’s account that featured a young former Harvard student, Ethan Shaotran, who said he dropped out of the university to join the DOGE initiative. He claimed that his decision left him ostracized by peers and receiving threatening emails.
“I dropped out of Harvard and came here to serve my country. It’s been unfortunate to see lost friendships. Most of the campus hates me now.” Shaotran continued, “if there’s one group of people who really have a shot of success, it’s the people here. They’re up until 2 am., Monday through Sunday.”
DOGE: Harvard student who dropped out to join the DOGE team admits he’s lost friends and is a pariah on campus now. pic.twitter.com/zvn9RX73Kh
— @amuse (@amuse) May 2, 2025
Explaining his choice to leave Harvard, the student said the need for systemic reform for America was more imperative than education. “I think the value of this and the impact here is so much more vast than anything you could learn in a classroom doing computer science,” he concluded.
One critic on Armstrong’s post asked if the invitation was based on merit. “Is it merit when a team did a horrible job and instantly gets offered their next job? Or is it nepotism on a political basis? Focus on merit, big man,” they argued.
Another user added, “The next schism isn’t a political divide, it is a competency divide. Those who value merit, hard work and innovation, and those that do not.”
Coinbase joins S&P 500, replacing Discover Financial
The hiring invitation came against the backdrop of some “good news” for Coinbase. The crypto exchange became the newest member of the S&P 500 index, replacing Discover Financial. The inclusion is set to take effect before US markets open on May 19.
Coinbase is now the first and only crypto company to be added to the S&P 500, a MOVE Oppenheimer analysts called a “watershed moment” for the industry and increased their price target on Coinbase shares to $293.
The financial firm recently reported its first-quarter earnings, which revealed that profits plummeted 94% to $66 million, compared to $1.176 billion in Q1 of the previous year. Yet, revenue ROSE 23.4% to $1.96 billion from $1.588 billion,
Armstrong also shared his optimistic sentiment on social media, predicting that “crypto will be in everyone’s 401k.”
“My goal is that in 5–10 years, getting into COIN50 index will feel as good as this,” the CEO reckoned.
New asset launch for cbADA, cbDOGE, cbLTC, cbXRP
Coinbase also issued an advisory regarding several new token assets, cbADA, cbDOGE, cbLTC, and cbXRP, which are not yet available for trading. The company warned users to be cautious of fraudulent actors claiming the assets are live.
“These assets are not yet live or available,” the company stated. “We will announce their launch at a later date.”
To prevent scams, Coinbase published the official Base contract addresses for each upcoming token and told the crypto community that any claims of their availability are false, potentially linked to fraudulent schemes.
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