Dogecoin Up 25%: Coinbase Listing in Next 6–8 Weeks, Elon ‘Working With Doge Devs’

On Thursday (May 13), Coinbase CEO Brian Armstrong said during his company’s Q1 2021 earnings call that Coinbase plans to list “in the next six to eight weeks” and Tesla CEO Elon Musk said that he is “working with Doge devs to improve system transaction efficiency.”

On Wednesday (May 12), Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s high usage of fossil fuels and saying that for this reason Tesla would not be accepting Bitcoin as a form of payment until “mining transitions to more sustainable energy.”

Then, on Thursday (May 13), perhaps to calm down the crypto community, Musk said that he was still a strong believer in crypto.

However, perhaps the most shocking thing that Musk has said this week was when he tweeted yesterday that he is trying to work with Dogecoin developers to reduce the power consumption of mining of the meme-based cryptocurrency.

The crypto community was left dumbfounded because there has been very little development of the Dogecoin protocol software in the past several years.

However, Dogecoin co-creator Billy Markus said that Dogecoin development is far from dead.

Anyway, thanks to Coinbase’s upcoming support for Dogecoin and Elon’s tweet about working with Dogecoin developers, $DOGE has been the best-performing cryptoasset among the top 20 coins/tokens in the past 24-hour period.

Data by TradingView indicates that on crypto exchange Bittrex $DOGE hit $0.5689 at 06:47 UTC on May 14, which is so far its intraday high.

Currently (as of 08:05 UTC on May 14), $DOGE is trading around $0.5335, which means that it has gone up 25.79% vs USD in the past 24-hour period. As for the year-to-date period, $DOGE is up over 11,251% so far in 2021.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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