Crypto Frenzy: Coinbase Drops New Wrapped Tokens—Are Dogs and Rivers Ready?

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Crypto Frenzy: Coinbase Drops New Wrapped Tokens—Are Dogs and Rivers Ready?

Well, hold onto your digital hats, folks! Coinbase just disgustingly blurted out that they’re now wrapping your favorite meme coins and rippley things into shiny new ERC-20 tokens. Because nothing says “security” like trusting a giant corporate giant with your digital doodads. 🤑

In a tweet (because what’s more trustworthy than a tweet, right?), Coinbase announced that wrapped versions of Dogecoin and XRP—cbDOGE and cbXRP—are now alive and kicking on the Base platform. These are ERC-20 tokens, which I assume are just as terrifying as they sound, backed 1:1 by actual DOGE and XRP chillin’ in Coinbase’s vault—that’s a vault, not a vault-ment, unfortunately. Meanwhile, Bitcoin and Ethereum wrapped assets have already been sent off into the wild, probably to be lost forever in the ether (pun intended).

cbDOGE and cbXRP are now live on @base. cbDOGE and cbXRP are ERC-20 tokens backed 1:1 by DOGE and XRP held in custody by Coinbase.

Here’s what you need to know ↓

— Coinbase Assets 🛡️ (@CoinbaseAssets) June 4, 2025

Apparently, this isn’t Coinbase’s first rodeo—they also unleashed wrapped versions of Cardano, Litecoin, and XRP—because who needs actual, tangible assets when you can just wrap imaginary tokens into even more imaginary tokens? The platform warns us, too, about scam artists whispering sweet nothings about “fake cbDOGE” and “counterfeit cbXRP,” because nothing screams trust like a warning about fraudsters lurking in the shadows. They even went so far as to share the official addresses—because nothing says “trust us” like an on-chain address, right?

Meanwhile, the broader market seems to be performing its own version of a cocktail party—Bitcoin took a tiny 1% dip, and altcoins? They’re probably crying somewhere in the corner. XRP and Dogecoin, in particular, looked like they’d just realized they’re not quite as hot as they thought, dropping 2.5% and 3.5%, respectively. Because, of course, who needs stability when you can have rollercoaster rides? 🎢

In short, everyone’s pretending like these wrapped assets are the next big thing, but really, it’s just another excuse to watch the crypto circus perform its tired, overpriced act. 🤡

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2025-06-05 14:58