With Coinbase listing a few weeks ahead, Dogecoin is expected to set a new all-time high. Are you ready for the ride?
Dogecoin fans were left disappointed after Dogecoin prices started falling just before Musk was about to go live on the iconic show Saturday Night Live. On the show, Musk called Dogecoin a “Hustle,” which rattled many Dogecoin fans. But the anticipation for the show was such that Dogecoin prices had jumped by 30% on Saturday itself. Now Dogecoin is again on the upward trajectory with back-to-back good news.
Musk “The Dogefather” has got the Back of Dogecoin – Has he?
After criticizing Bitcoin and causing a crypto market meltdown of sorts, Elon Musk tweeted that he is working with developers to improve transactions on the Dogecoin network. In the process, Musk dumped Bitcoin and has made it open that he is an all-out Dogecoin guy, or shall we say Dogefather.
Dogecoin, too, was affected after Musk backtracked from the previous announcement about Tesla accepting BTC payments. Musk delivered two back-to-back blows to DOGE. First by referring to Dogecoin as a “Hustle” on SNL and then criticizing Bitcoin on Twitter.
Regardless of what Musk believes, he must be knowing that a fall in Bitcoin prices also impacts the altcoins, including his favorite Dogecoin. Such was an impact of Musk’s tweet that the crypto market lost over $350 billion in market cap overnight. Almost everyone panicked, which led to one of the most brutal sell-offs in the crypto space this year.
But we cannot deny that Musk has played a crucial role in the tremendous success of Dogecoin. His tweets were the fuel that has powered the fire of Dogecoin. For instance, SpaceX accepting Dogecoin payments for its space flights was a factor that kept Dogecoin trending recently. Musk has also tweeted asking if Tesla should accept Dogecoin as payments. So, when it comes to Dogecoin, Musk is still all in. Can the Dogecoin community trust him that he will not dump DOGE? Well, that is something only time will tell.
Coinbase Will List Dogecoin
Another factor that led to Dogecoin prices making an upward movement again was the news about Coinbase listing Dogecoin soon. The announcement about the Dogecoin listing was by none other than Brian Armstrong, CEO of Coinbase. He said during an earnings call that Coinbase is preparing for Dogecoin listing. Brian also said that it will take around six to eight weeks to list DOGE on their platform.
Coinbase was bound to list Dogecoin soon as DOGE has proved to be the most profitable cryptocurrency this year by delivering 8200% ROI so far. The Dogecoin community is growing bigger and bigger, and with Elon Musk at the helm as Dogefather, the path ahead looks bright for the meme coins. Today, Dogecoin is one of the top five cryptocurrencies by market cap.
The Hashant team will track Dogecoin news and keep you up-to-date with all the latest happenings regarding Dogecoin and the crypto space. Do you think Musk will dump Dogecoin, too, in the future, as he did with Bitcoin? Let us know below in the comments.