Elon Musk – the world’s wealthiest man and the CEO of Tesla – was asked if he thinks the popular crypto exchange, Coinbase, should enable investing and trading of Dogecoin on the exchange platform, and he did not hesitate to give a Yes answer.
The crypto space is not strange to Elon Musk, while Elon Musk is not a stranger to the ecosystem. Earlier in February, the Securities and Exchange Commission filing in the United States reported that Musk purchased BTC worth $1.5 billion with his company, Tesla.
Before the purchase, Musk was known for frequently pumping DOGE to the point that just a single meme of Dogecoin on his Twitter caused about a 40% surge in the price of the coin in just 30 minutes.
DOGE is a coin created by a software programmer duo, Jackson Palmer and Billy Markus, in 2013. The duo made the coin as a response to the spinoffs of BTC., and the mindset behind it is “if coins can be made by anyone, why should they create one?”
The avatar chosen for the coin is the popular chubby Shiba Inu dog with a face known for the iconic meme that has cool phrases in broken English accompanying it – Very impressive and Much wow.
After the bullish run of BTC in the winter, prominent people like Elon Musk pumped Dogecoin last month and was at its peak of $17 billion market cap.
The bullish run of DOGE was not set off by Musk alone. At the beginning of the year, Lil Yachty, a rapper, declared that he is going to invest one-third of his life savings in Dogecoin, and in the following months, the likes of Gene Simmons, the KISS Bassist, and Snoop Dogg, a legend in Hip Hop music used the news of their purchase to join Musk in the pumping.
DOGE and Coinbase
Coinbase, as a cryptocurrency exchange, has been very slow in adapting new coins on their platform. While Binance – the Asian rival of Coinbase, is focusing on adding as many coins as possible, knowing that it can cost them their operations in the United States. It then is obvious that the listing of much fewer coins by Coinbase is to align with the demands of the regulators.
But with the pumping of the coin, it appears that Coinbase has lost out the opportunity to gain billions for not listing DOGE yet on their platform.