Dogecoin Gets Another Boost from Coinbase, Elon Musk
Dogecoin (DOGE) is among the best performing top cryptoassets today as major crypto exchange Coinbase confirmed its plan to list it, while Tesla’s Elon Musk said his team is helping the most popular meme coin.
DOGE jumped by around 30% tonight (UTC) time following the news. At 03:27 UTC, it trades at USD 0.487 and is up by 11% in a day, trimming its weekly losses to less than 17%.
Brian Armstrong, CEO of Coinbase, said during their earnings call that the platform plans to list DOGE in the next six to eight weeks.
“Today, we use a number of factors, we look at cybersecurity around the coin to make sure that there’s not going to be an issue that would cause customer loss. We also look at it from a legal point of view and a compliance point of view,” the CEO said about their listing process.
Meanwhile, Musk revealed his support to Dogecoin developers as they’re working “to improve system transaction efficiency,” which is “potentially promising”.
@elonmusk …electricity isn’t used for transaction processing. It’s used to secure the network. Doge is PoW mean… https://t.co/68Tr3HHdZ0— Ari Paul ⛓️ (@AriDavidPaul)
– DOGE’s Rally Has Revived Dogecoin Development, But For How Long? – Are GameStop-Style Surges In Crypto Any Different From Old Pumps & Dumps?
– ‘The Most Honest Sh*tcoin,’ Dogecoin, Will Survive Alongside Bitcoin – Analysts – Who Let the DOGE Clones out? Dogecoin Knockoffs Dominate DEX Trading