During the first-quarter earnings report, the Chief Executive Officer (CEO) of Coinbase, a cryptocurrency trading platform, Brian Armstrong said that the company will provide Dogecoin transactions in the next 6-8 weeks. Recently, Coinbase stated that it will launch a Dogecoin transaction service on Coinbase Pro. Coinbase Pro is a digital asset exchange website where people can exchange digital assets, such as cryptocurrencies.
Coinbase Pro stated that users can transfer Dogecoin to their professional trading accounts. Once liquidity conditions are met, trading is expected to start at 9 AM local time on Thursday. Before the transaction, users can deposit Dogecoin into Coinbase Pro, which now supports Dogecoin deposits.
Dogecoin was created in 2013 and it is a cryptocurrency, much like Bitcoin. It can be used for peer-to-peer transactions on a decentralized network. At the beginning of 2021, the price of Dogecoin was $0.005. As Dogecoin’s popularity increases, its price has risen rapidly in the past few months. Data from the coingecko shows that the current price of Dogecoin is $0.378378. In the past 24 hours, the highest price of Dogecoin was $0.381755 and the lowest price was $0.310889.
Elon Musk, a strong advocate for Dogecoin
Dogecoin is not the most popular of cryptocurrencies. However, this crypto is now global because of one man, Elon Musk. Dogecoin started off as a joke but right now, it is a serious deal. Over the past few months, Tesla’s CEO, Elon Musk, has been an advocate for Dogecoin. After a series of tweets from Musk, Dogecoin began to show its edge and now, we can not underestimate its growth rate. According to CoinMarketCap, Dogecoin has risen by over 400% this year and its total market value exceeds $50 billion.
In a single month, Elon Musk had about 8 posts about Dogecoin on social platforms. One of his posts imitates “The Lion King” raising a dog. The post also reads … “Dogecoin is everyone’s digital currency …You don’t need to be a super boss…There are no highs, no lows, only dogs”. This tweet was one of the social media posts that caused the virtual currency to skyrocket all the way. In fact, within a week of madness, it hit 500%, the highest intraday increase hit 1000%.
Whether or not Elon Musk knows more about Dogecoin remains to be seen. However, the U.S. Securities and Exchange Commission believes that Musk knows more about Dogecoin. According to the commission, it will investigate Tesla CEO’s tweets about “Dogecoin”. Musk responded to the news and said: “I hope they will investigate, it would be great.”