Dogecoin soars on its arrival at Coinbase and by Musk’s tweet that defines it as ‘inevitable’

Dogecoin rallied over 20% Wednesday morning after news that it would soon be added to one of the world’s largest cryptocurrency exchanges and encouragement from enthusiastic billionaire Elon Musk on Twitter, earning nearly $ 10 billion. in market capitalization, but leaving it far behind those times of the all-time high that it reached before Musk’s appearance on the SNL TV show in early May.

KEY FACTS

Dogecoin was trading at around $ 0.39 per coin early Wednesday morning, down from around $ 0.32 before Coinbase Pro announced its imminent availability on the platform on Tuesday.

The exchange’s announcement sparked a lot of interest in the meme cryptocurrency, as did tweets from Tesla CEO Elon Musk, who regularly rocks the cryptocurrency markets with his social media activity.

Musk responded to Coinbase’s announcement by reposting an old tweet calling the rise of dogecoin “inevitable,” then reigniting interest with another doge-based meme.

Dogecoin’s market capitalization now stands at around $ 51 billion, up from $ 42 billion on Tuesday, making it the sixth most valuable cryptocurrency by market capitalization.

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At its current value, dogecoin is worth more than Covid-19 vaccine producer BioNTech, Dollar General, and Marriott International.

KEY BACKGROUND

Coinbase teased its upcoming dogecoin support earlier this month, prompting another surge in the crypto’s value. Its inclusion on the platform is a great nod to the enduring popularity of the meme coin that started as a joke. Dogecoin is volatile even within the highly turbulent crypto landscape, typically shifting up to double digits in response to Musk’s attention.

The rally leaves it a far cry from the highs of a month ago, when in a week it took it to new all-time highs before Musk’s much-anticipated appearance on Saturday Night Live. Its value plummeted nearly 40% after Musk’s performance and collapsed, along with the entire market, when Musk tweeted Tesla’s decision not to accept more bitcoin and China said it would crack down on financial institutions using digital assets. .

WHAT TO OBSERVE

Dogecoin trading begins on Coinbase Pro at 9am PT on Thursday. Its launch will be staggered to guarantee a “healthy and orderly market”.

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IN TANGENT

The U.S. Securities and Exchange Commission reportedly wrote letters to Tesla in 2019 and 2020 about Musk’s social media habits that could move the market, the Wall Street Journal reported. The regulator accused the company of failing to enforce a court settlement that required Musk to get approval for his tweets after he claimed to have obtained funding to make Tesla private on the platform in 2018. The investigation was part of a settlement afterward. that the regulator sued him for fraud.

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Dogecoin soars on its arrival at Coinbase and by Musk’s tweet that defines it as ‘inevitable’

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