Musk tweet and possible Coinbase listing cause Dogecoin course to explode
The Dogecoin price shot up sharply on Friday. Once again Elon Musk had a hand in it. Dogecoin could also be listed on the Coinbase crypto exchange.
Last weekend, Elon Musk’s upcoming appearance on the US show Saturday Night Live caused a new all-time high for the Bitcoin alternative Dogecoin. The crash after the broadcast was just as severe. Contrary to what he expected, Musk did not comment positively on Dogecoin, on the contrary. After the prices of Bitcoin and most Altcoins last crashed after Musk’s announcement that it would no longer allow Bitcoins for payment at Tesla, the Dogecoin price shot up on Friday. And again, Musk is involved.
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Dogecoin course with a big plus
Most cryptocurrencies are currently recovering. The course of the originally founded as a fun currency Dogecoin stands out. For the past 24 hours, there is currently an increase of 37 percent. In the course of Friday, the increase was even around 50 percent, like CNBC reports. The Dogecoin price hovered around the $ 0.55 mark on Friday evening. However, the price is still a long way off from the previous all-time high of May 8, 2021 of $ 0.74.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
– Elon Musk (@elonmusk) May 13, 2021
What is behind the sudden upward trend? For one thing, there was a short Twitter message from Elon Musk. It states that Musk is working with Dogecoin developers to drive transaction efficiency – “potentially promising,” according to Musk. This is particularly interesting because Musk only announced on Wednesday that he would no longer accept Bitcoin payments for Tesla in the future. Allegedly because of environmental concerns. As a result, almost all crypto rates collapsed. A total of around $ 350 billion is said to have been burned.
After Bitcoin has ended: will Tesla take Dogecoin?
The crypto community now apparently suspects that Musk could instead opt for Dogecoin as a means of payment in the future. In any case, Musk already had users vote on Twitter – with a clear result for the Dogecoin. According to market observers, the Dogecoin should allow faster and cheaper transactions.
Do you want Tesla to accept Doge?
– Elon Musk (@elonmusk) May 11, 2021
According to Tradingview, the Dogecoin has shortly after Musk tweet from Thursday gained $ 10 billion in market capitalization. Dogecoin is currently valued at around $ 71 billion and is the fourth most valuable crypto currency after Bitcoin, Ethereum and Binance Coin.
Coinbase crypto exchange allows Dogecoin trading
The second price driver is the apparently imminent listing of Dogecoin on the large crypto exchange Coinbase. The operators announced that they want to enable Dogecoin trading on their platform within the next six to eight percent. However, critics warn of the high volatility of the Dogecoin – and of a possible bubble that could soon burst.
In any case, Coinbase has benefited greatly from the hype surrounding cryptocurrencies in recent months. In the first quarter, the profit climbed to 771 million dollars – more than twenty times compared to the same quarter last year. sales The company, which went public in April, grew from $ 191 million to $ 1.8 billion.
