Dogecoin Rallies After Launching On Coinebase Pro, ‘Dogefather’ Elon Musk Retweets ‘Inevitable’ Meme
Cryptocurrency trading site Coinbase announced in a blog post that the meme currency, Dogecoin, would be launching on Coinbase Pro.
“Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro. Trading will begin on or after 9am Pacific Time (PT) Thursday June 3, if liquidity conditions are met,” announced Coinbase. “Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading.”
Dogecoin was created by Billy Markus and Jackson Palmer as a joke in 2013, based on the Shiba Inu dog from the “Doge” meme, promoting it as the “fun and friendly internet currency.” Despite its satirical beginnings, Dogecoin has emerged as a popular coin among some cryptocurrency enthusiasts, with the price of the coin up almost 6,000% for the year, having dropped by more than 50% since its high of 72 cents in May.
As Coindesk noted, “While the blog post did not announce whether Coinbase would add the cryptocurrency to its retail trading platform and mobile app, the publicly traded crypto exchange typically adds cryptocurrencies to its retail platform a few weeks after first listing on the professional version.”
One major factor when it comes to the turbulent price of Dogecoin is Elon Musk, CEO of Tesla and SpaceX, who is an outspoken fan of the meme coin. When Coindesk announced that Coinbase Pro would be listing Dogecoin, Musk responded by sharing a July 2020 meme of a “dogecoin standard” sandstorm bearing down on the global financial system.
— Elon Musk (@elonmusk) June 1, 2021
After Musk reacted to the news, “Dogecoin rallied more than 20% Wednesday morning,” according to Forbes, with the outlet adding that “The exchange’s announcement spurred a flurry of interest in the meme cryptocurrency, as did tweets from Tesla CEO Elon Musk, who regularly moves crypto markets with his social media activity.”
This isn’t the first time in recent weeks that Musk has had a real impact on the cryptocurrency market. For example, many cryptocurrency investors watched his appearance on Saturday Night Live in early May, looking to see whether Musk would mention Dogecoin.
While the self-proclaimed “Dogefather” did mention the meme coin on multiple occasions, the price of Dogecoin plummeted following the episode.
Later during the show, Musk appeared on Saturday Night Live’s “Weekend Update” segment as financial expert “Lloyd Ostertag” to discuss the subject of cryptocurrency. Speaking with Michael Che, Musk admitted that Dogecoin was a “hustle.”
Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj
— Saturday Night Live – SNL (@nbcsnl) May 9, 2021
As CNN reported, “After pumping up the value of the cryptocurrency in the lead-up to Musk’s SNL appearance, investors sold off dogecoin sharply after the Musks talked about it on the show. Dogecoin was down 40%, trading as low as 44 cents early Sunday. The cryptocurrency started Saturday trading at around 70 cents and was selling for about 66 cents just before SNL went on the air at 11:30 pm ET.”
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