Although Bitcoin is experiencing a major fortune cookie at this moment, Elon Musk is more concerned about Dogecoin. As reports state, Bitcoin has already crashed through a ceiling of $60,000 which has largely been the result of Elon Musk’s tweets. This has come following major warnings from Bill Gates. The price of Bitcoin not only crashed through the $50,000 barrier, but also the psychological barrier of $60,000 on Saturday. This signaled a return to their blistering pace that took the cryptocurrency by storm in the early parts of 2021.
Dogecoin To Soon Be A Part of Coinbase?
Nevertheless, the founder and CEO of Tesla, Elon Musk is more concerned about including Dogecoin in Coinbase. Currently, Elon Musk has a lot of clout in the cryptocurrency market, and his tweets usually lead to massive surges in the prices of such altcoins. In a recent Twitter interaction, Musk responded to one of the users asking if Dogecoin should be a part of Coinbase- one of the largest crypto storages in existence. To this, Elon Musk excitedly replied in the affirmative.
Ever since this tweet, the value of Dogecoin has increased by around 10%- yet critics believe that the ability of Musk to influence the prices has diminished somewhat. On the other hand, Coinbase, the cryptocurrency storage that has been set up in San Francisco has already gone public with a listing worth $100 billion- which has around 49 different cryptocurrencies working in tandem in various degrees. Unfortunately, this meme currency hasn’t featured in the list.
One of the major reasons behind this immense craze for dogecoin has been the explosion of bitcoin– currently with a value of around $1.1 trillion. The climb has to also pay credit to several other factors such as the institutional adoption by Wall Street, along with retail trading and corporate interest shown by the market.