Dogecoin prices saw an increase of over 20% on Wednesday. The price surge followed the news of it being soon added to Coinbase. Coinbase is among the world’s biggest exchanges for cryptocurrency.
Elon Musk Encourages Dogecoin
Apart from the listing news, support from Elon Musk, the billionaire enthusiast, on Twitter, also fuelled the surge. As a result, the coin’s market capitalization value gained about $10 B in value. However, it is still a long distance away from its all-time record high that it had reached at the beginning of May. The credit of the ATH surge was the appearance of Musk in the popular TV show, SNL.
On the morning of Wednesday, Dogecoin’s trading value stood at about $0.39 per coin. This was much higher than the approximate $0.32 value. The increase took place after Tuesday’s announcement by Coinbase Pro regarding the coin being available soon on the cryptocurrency exchange platform.
The announcement by the exchange soon spurred a storm of interest in Dogecoin. The meme currency was further bolstered by a tweet by Musk, the CEO of Tesla. Elon is known for heavily influencing the cryptocurrency market by his activity on social media.
Musk made a response tweet to the announcement by Coinbase. He reposted a previous tweet in which he had said that Dogecoin’s rise was “inevitable”. This reignited interest in one more meme based on doge.
The platform’s inclusion of Dogecoin is a huge testament to the popularity of the coin and its endurance. The coin had begun life as something to laugh about. However, the coin’s volatility stands out in the cryptocurrency market. Musk’s attention usually shifts its prices in double digits.
The trading for DOGE begins on Thursday morning on Coinbase. It will have a staggered release so that the market remains orderly and healthy
