Elon Musk, the richest man in the world and CEO of Tesla (NASDAQ: TSLA), tweeted Dogecoin should be listed on Coinbase. This was in a response to a posted question on Social media. Dogecoin, a meme-based cryptocurrency, was created as a joke and is one of Elon’s favorite crypto.
Via Twitter, Elon was asked about whether Coinbase —the online crypto exchange— should add Dogecoin to its tradable cryptos. He replied with “Yes!”. Musk who showcased his admiration of Dogecoin in several tweets in the past few months helped drive the digital currency to new all-time highs. He is considered the “godfather” of the meme-based digital token.
Nevertheless, the short-term bullish rallies that Musk’s tweet caused might not be the only reason behind Dogecoin’s success. According to a poll by EXMO, a UK-based crypto exchange — 14% of voters stated that Dogecoin will continue to thrive without Musk’s support. This despite Musk causing Dogecoin to surge 20% in 30 minutes after one tweet.
Dogecoin was created in 2013 as a joke by Jackson Palmer and Billy Markus. The creation of the digital token was supposed to be a “parody” of Bitcoin. Nevertheless, Dogecoin’s market capitalization had reached $7.4 million as of this writing, and the digital token is trading at $0.05803.
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Coinbase is expecting a direct listing in the upcoming months. According to the exchange platform, there are over 43 million verified users and 2.8 million traders conducting transactions monthly.