Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

DOGE is back in game! Does the credit go to Coinbase and Elon Musk again?

CryptocurrencyJun 05, 2021 01:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
DOGE is back in game! Does the credit go to Coinbase and Elon Musk again?

  • Dogecoin’s performance in the last 7 days has been nothing short of terrific as the asset grew by over 40%.
  • Its stellar performance can be attributed to its Coinbase pro listing and new tweets from the outspoken CEO of Tesla (NASDAQ:TSLA), Elon Musk.
  • Since the listing and supportive tweets, the cryptocurrency rose to as high as $0.4446.
  • Dogecoin lost over 59% of its value in May as the cryptocurrency market fell knee-deep into bearish sentiments.

The fortunes have once again turned for Dogecoin as the recent spike in price leaves enthusiasts feeling ecstatic. After losing a significant portion of its value in May 2021, Dogecoin is making an epic return in a bid to reclaim its losses over the period that cryptocurrencies were assailed with bearish sentiments.

Two major factors can be identified as being responsible for the massive price rally. The first is the listing of Dogecoin on Coinbase Pro, and the second would undoubtedly be the tweets and memes about Dogecoin posted by Elon Musk.

Dogecoin’s listing on Coinbase Pro

It seemed that the catalyst for Dogecoin to break away from the doldrums of a bearish market, was the announcement by Coinbase that the asset had become listed on the pro trader platform, Coinbase Pro.

Dogecoin will be propped up through five trading pairs including DOGE/USD, DOGE/ BTC, and DOGE/EUR, amongst others. DOGE trading on the platform is planned to roll out in three phases. Since the announcement, Dogecoin has risen significantly in value.

Shortly in advance, the exchange began accepting deposits in anticipation of the listing. Following the announcement, Dogecoin’s price skyrocketed as the cryptocurrency proceeded to recover. This listing comes on the heels of Coinbase’s IPO, which saw the exchange reach a valuation of over $100 billion.

On the Flipside

  • Dogecoin’s terrific rise has hit a roadblock as the coin slumped by 5.7% over the last 24 hours to reside at a trade value of $0.4033
  • Kraken, a major competitor to Coinbase, has launched its mobile app as it seeks to take advantage of the soaring popularity of cryptocurrencies in the US.
  • Kraken’s low fees, “speedy verification and onboarding times” are among the features that make it strong competition for Coinbase.

The Elon Musk Effect

Elon Musk has been a strong advocate for Dogecoin, often tweeting about his support for the cryptocurrency to his, not insignificant, 10 million Twitter followers. Elon Musk was instrumental to the price surge of Dogecoin earlier this year after his tweets promoting the meme coin sparked a buying frenzy.

Despite its slump in May, Elon Musk has contributed yet again to the boom of Dogecoin; simply by posting a meme. The meme showed a Shiba Inu dog in front of an 80s computer with the text: “I have to keep my passion hidden from the public or I’ll be socially ostracized” emblazoned across the screen.

Elon Musk’s tweet garnered over 334,000 likes and over 34,000 retweets. A reply made by TradingView, a company that builds financial tools and software, noted that, since Musk’s tweet, Dogecoin’s market cap hit as high as $54 billion, up from around $49 billion.

He also retweeted an old meme which he originally posted on 18th July, 2020, which portrayed the Shiba Inu taking over the global financial system with a caption saying. “It’s inevitable.”

Dogecoin’s price hit $0.3986 with a trading volume of $7.1 billion in the last 24 hours. At the time of writing, its market capitalization stands at $51 billion, giving Dogecoin a 2.93% market share of the entire cryptocurrency market.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

DOGE is back in game! Does the credit go to Coinbase and Elon Musk again?
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email