Dogecoin, the cryptocurrency that started as a meme found an unexpected supporter in Elon Musk. Musk who is the Chief Executive Officer of Tesla is also known for boosting Bitcoin’s price.
The vocal supporter now wants the digital currency exchange, Coinbase to terminate its No DOGE Allowed policy. Where the broker trades in Ether, Bitcoin, Ripple, and many other cryptocurrencies it should also list the Dogecoin.
Musk is known for having quite the following on Twitter and also interacting with his followers. He is especially praised for retweeting cryptic tweets and answering tweets regarding cryptocurrency. Lately, his hot favorite digital currency has been the Dogecoin. He has been tweeting and sharing memes regarding the meme-based cryptocurrency. Recently the Tesla owner was enquired on Twitter about whether Dogecoin should be facilitated by Coinbase and the billionaire exclaimed in affirmative. This shows Musk’s genuine fondness and palatability of the joke crypto.
Dogecoin was invented back in 2013 by Jackson Palmer and Billy Markus and reached a market value of $5,382,875,000 by 2021. The two software engineers wanted to develop a payment system that was free from conventional banking and fun, thus giving birth to Dogecoin. The digital token has the Shiba Inu dog from the Doge meme as its emblem.
If Coinbase registers the digital token, then it would introduce the Doge to an array of opportunities and new investors. The Dogecoin will be given a chance to unveil its true potential, thereby reaching new heights like veterans Bitcoin and Ether etc. Coinbase is a US regulated exchange platform and tantamount to high net worth individuals and entities. Tesla recently made revelations about its $1.5 billion investment in Bitcoin was also made through Coinbase. The US exchange was used by the electric vehicle company to purchase Bitcoins.
On a 24-hour basis, the Dogecoin represents a gain of 6.7%, currently exchanging at about $0.059. The price of the digital asset increased by 600% at the beginning of this year itself. So far this year an overall increase of 1,130% was calculated.
Doge has gained increased popularity in the past few weeks with celebrities, brands and suppliers etc. showing their acceptance of the currency. Recently Dallas Mavericks, the American basketball team embraced the digital currency as a mode of payment for Mavs range and tickets.
CovCare, a shop for medical supplies also recently announced that it would be accepting dogecoin as an alternative mode of payment. Following its footsteps is Wooter Apparel, a leading sports brand, that officially announced acceptance of the digital token for payment.
Dogecoin increased in importance and popularity after celebrities varying from Snoop Dogg to Musk accepted Dogecoin as a preferred cause. Following tweets from the likes of media personalities, the digital token attracted crypto users and investors. On Twitter, at various occasions, Doge has even managed to surpass Bitcoin as the most talked about crypto.