Elon Musk believes that Dogecoin should be added to Coinbase. In reply to a Twitter follower who asked, “Do you think Coinbase should enable Dogecoin on their platform? It would enable many folks to easily access DOGE” he said “yes”. This will actually be great for the cryptocurrency and will make it available for a wider range of people.
— Elon Musk (@elonmusk) March 13, 2021
Coinbase is the largest cryptocurreny exchange in the US and was founded back in 2012. This was the same exchange used by Tesla for their $1.5 billion Bitcoin purchase. It is also now larger than Goldman Sachs, with an estimated market cap of $100 billion. It adding Dogecoin to its platform will be a major step for the acceptance of the cryptocurrency. We will definitely see a lot more investors and also faster price increases.
Presently the major exchange that lists Dogecoin is Binance. There are many other smaller platforms too but nothing beats Binance as it is the world’s largest crypto exchange. But in the US Coinbase is more popular so many traders aren’t even exposed to Dogecoin as it is not present on the platform. With such a huge number of coins present on the market the supply of Doge is huge and so to reach the $1 dollar price point there is a lot of work to do. One of them is getting added to Coinbase for trading.
The price of Dogecoin has also increased by 10% after Elon’s other tweets. The meme cryptocurreny is up by more than 500% in the last three months and many investors made millions of dollars of their investment. Just a few weeks back Elon also said that in order to make Dogecoin more liquid and accessible he would request the big whales holding over half the coins to dump them. He was even ready to pay dollars for that.
High market liquidity means fewer price fluctuations and which means that more people get into trading it. The most important thing for Dogecoin would be to hold on to its price gains and for its investors to not dump it for fewer gains. Only if the price goes up and not go down every time we could hope for a better future for Dogecoin.
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