Coinbase Unleashes Wrapped Tokens: Meet cbXRP and cbDOGE
In an exciting expansion of its offerings, Coinbase has unveiled wrapped versions of two beloved cryptocurrencies—XRP and Dogecoin—under the names cbXRP and cbDOGE. This strategic move, launched on Coinbase’s Base Layer 2 Ethereum network, aims to enhance cross-chain usability and DeFi (decentralized finance) capabilities for both assets.
💰 A Strong Opening: $7 Million Minted in Just 24 Hours
Just 24 hours after the launch, over 2.3 million cbXRP—valued at approximately $5 million—and about 10.4 million cbDOGE, amounting to around $1.9 million, were minted, showcasing a robust interest from traders. This enthusiasm reflects the potential these wrapped tokens hold for the DeFi landscape.
“There may be fraudulent actors pretending to be cbDOGE and cbXRP. The Base contract addresses for these assets are: cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510 cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af”— Coinbase Assets 🛡️ (@CoinbaseAssets) June 4, 2025
📌 Why This Matters: A New Avenue for DeFi
The introduction of cbXRP and cbDOGE on the Base network represents a significant leap forward for both cryptocurrencies. With these wrapped tokens being backed 1:1 by the actual assets held in Coinbase’s secure custody, users can now utilize XRP and Dogecoin in various DeFi applications, enhancing their liquidity and usability.
More than just a technical improvement, this shift could reinvigorate interest in both tokens within the decentralized finance sphere, potentially influencing market dynamics and allowing a broader base of users to interact with these cryptocurrencies.
🔥 Expert Opinions: Predictions From Analysts
As the cryptocurrency market watches the developments of cbXRP and cbDOGE, analysts are cautious yet optimistic. A notable voice in the space, crypto analyst Sjuu, indicated that both tokens are in a consolidation phase. “XRP has traded within a tight range for over six months now,” Sjuu remarked. “The prolonged period of stagnation often leads to explosive movements once a breakout occurs.”
Additionally, community sentiment reflects a growing expectation that these wrapped tokens could serve as catalysts for price surges. “Patience pays off—$XRP is just gathering strength for a powerful move,” a trader echoed on X, reinforcing the belief that anticipation is building.
“Will $XRP ever get out of this never-ending range? Already trading here for 190 days! Seems like ages! Well, just remember, the longer the consolidation, the stronger the breakout!” — Sjuul | AltCryptoGems (@AltCryptoGems) June 4, 2025
🚀 Future Outlook: What Lies Ahead for XRP and Dogecoin?
As the dust settles from this launch, both XRP and Dogecoin traders are eyeing potential price movements. Currently, XRP hovers around $2.19, with its price locked within a narrow band between $2.17 and $2.28. Indicators such as the Bollinger Bands show signs of tightening, suggesting that volatility may be on the horizon. Furthermore, with the RSI hovering at 42.30 and a flat MACD, traders are observing the market closely for signs of directional strength.
Should XRP maintain support above $2.18, upward momentum could regain traction, targeting a retest of $2.40. Conversely, breaking below $2.17 might initiate a retreat towards the $2.05–$2.10 levels.
Conclusion: Navigating New Opportunities in Crypto
Coinbase’s launch of cbXRP and cbDOGE marks a pivotal moment for both tokens. As they integrate into the DeFi ecosystem, traders will be keen to see if this increased accessibility can spur growth and enhance liquidity. With analysts forecasting potential breakouts on the horizon, now is the time for investors to remain vigilant and engaged. Will these developments shift the landscape for XRP and Dogecoin? Only time will tell, but one thing is for sure—the world of cryptocurrency is full of exciting possibilities!
What do you think about Coinbase’s latest moves? Are you planning to engage with wrapped tokens? Share your thoughts in the comments below!