On Friday, Bitcoin reached a two-month low and is on track for its worst week since February 2021, though Dogecoin’s price has risen once more. Both of these cryptocurrencies are responding to different emotions expressed by the same individual. Elon Musk is a billionaire entrepreneur.
Right after he tweeted that Tesla will no longer support Bitcoin due to energy usage issues, sending the entire cryptocurrency market down, Elon Musk said on Twitter that he’s been in contact with “Doge developers to boost the system transaction speed.”
Musk previously hinted that he was looking into alternative cryptocurrencies for Tesla to accept payments in, and he polled his Twitter followers on whether they wanted him to accept Dogecoin. DOGE may be receiving much-needed renewed development interest for a project with so little development activity.
Dogecoin’s value increased 18%, according to Coinbase, as rumours grew that it could have a potential use.
Furthermore many people pointed out that there aren’t many Dogecoin creators, so Musk was urged to call them.
The cryptocurrency has “long known vulnerabilities,” according to Blockstream CEO Adam Back.
Doge is years unmaintained, a literal joke copy of outdated version of bitcoin with long-known vulnerabilities.
In the next six to eight weeks, Coinbase, the leading US exchange, will list meme-based cryptocurrency dogecoin (DOGE). During a May 13 earnings call, CEO Brian Armstrong announced that Dogecoin will be available on the largest cryptocurrency exchange in the United States in around two months:
Coinbase CEO Brian Armstrong said on a conference call with investors and analysts that the company needed to speed up how it added new digital assets to its portfolio.
Coinbase’s key products are bitcoin and ethereum’s ether coins, but the upcoming addition of dogecoin, the fourth most valuable cryptocurrency, was greeted with ecstatic acknowledgment by its supporters.
Elon Musk on CoinBase Listing
Popular Billionaire, CEO of Tesla Elon Musk has once again tweeted in support of the meme token Dogecoin. Asserts, Coinbase should add Doge to its list of supported cryptocurrencies.
On Friday, a Twitter user asked Musk about Dogecoins’s listing on Coinbase, his tweet read,
” Hi, Elon I saw a report that Coinbase was used for the Tesla BTC purchase (nice entry btw). Do you think Coinbase should enable Dogecoin on their platform? It would enable many folks to easily access DOGE”.
In reply to the tweet, Musk said a simple yes with an exclamation mark.
However, his tweet hasn’t made any significant changes to the price surge of the token, it witnessed just a 10% rise in price after the tweet.
Coinbase Listing Could Open New Doors for DOGE
Coinbase currently does not support Dogecoin, a listing on the largest exchange platform would provide Dogecoin huge accessibility and institutional investors attention. It could erase the image of Doge being just a meme coin and bring it to the mainstream.
The previous big Bitcoin purchase by Tesla was done via Coinbase. It is a popular exchange aligned with the interests of many corporate giants. It is now the first of its kind platform to go public on Nasdaq and has more than $100 billion valuations before its IPO.
DOGE Price has seen a 600% price surge in January, and an 1130% rise so far this year. Dogecoin has risen to popularity and has been getting acceptance, recently Dallas Mavericks owner Mark Cuban started accepting payment for merchandise and tickets in Dogecoin. He even predicted for Dogecoin to $1, with the help of Maverick fans.