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.
Coinbase IPO is an Amazon moment, says analysts
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.
“We are still in the early stages of adoption. The market value of exchange-traded crypto assets were approximately $782 billion as of December 31, 2020,” Coinbase said in its filing.
“Our objective is to drive the growth of the overallcrypto-economy. We will accomplish this by serving the needs of all consumers who manage their financial lives on a mobile device. Additionally, every institution — large or small —which embraces the emerging internet of value,” continued Coinbase.
Gil Luria, Director Of Institutional Research D.A Davidson described Coinbase’s long-awaited IPO as an “Amazon moment for crypto.” Digital currencies will move from “a large curiosity to becoming the future path for much of the financial system.”