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Monday, August 8, 2022

Elon Musk Wants To Put Dogecoin On Coinbase

It wasn’t exactly surprising for Tesla fans to know that Elon Musk was supportive of cryptocurrency- especially Dogecoin. But what would definitely raise a few eyebrows is his declaration for Coinbase to publicly list Dogecoin as one of the cryptocurrencies it stores. This was a reply to a Twitterverse question which asked Twitteratis if Coinbase should actually induct Dogecoin into their platform.

Needless to say, the CEO of Tesla responded with an exclamatory yes. Nothing more to showcase his romance with the former meme-cryptocurrency. 

Elon Musk And His Love For Cryptocurrency Is Still Going Strong

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In February, the SEC had ended up disclosing a file that stated that Elon Musk’s brainchild- Tesla- had acquired close to $1.5 billion in BTC. But even before that, the founder of PayPal had been inflating Dogecoin to such a degree that even a single meme currency tweet would lead to an increase in the price of the cryptocurrency by about 40%.  

The surge in Dogecoin can be directly pointed towards the bull run of Bitcoin. After it broke all the records in Winter, most celebrities like Elon Musk were turning towards Dogecoin which had a $17 billion market cap last month. But, let it not be said that Musk is alone in this- there are several celebrities who have a certain bullishness for Dogecoin.

The beginning of 2021 saw Lil Yachty announced that he, too, was putting in almost 33% of his savings in this cryptocurrency. Gene Simmons from KISS and Snoop Dogg also followed suit just the next month. 

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Several metrics from Twitter algorithms proved that all the tweets by celebrities like Elon Musk and Snoop Dogg had generated such interest in Dogecoin that it had become even more popular than Bitcoin. Back in February, the meme currency commanded almost 10.4% of every single crypto mention which existed on the platform- compared to the 10.1% of Bitcoin. 

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