On March 13 in a reply to another Tweet, Tesla CEO Elon Musk admitted that Dogecoin can trade on Coinbase and that Coinbase would definitely allow that. Coinbase is a digital currency exchange platform, based in San Francisco. It is one of the most secure platforms to buy, sell and store cryptocurrency like bitcoin.
Co-incidentally, in the US, Coinbase is also estimated to be one of the largest new listed companies in the cryptocurrency area in 2021. This ultimately makes the platform one of the important ones, and trading on it, or rather not being able to trade on it, might significantly affect cryptocurrency investors. If Coinbase allows the trading of Dogecoin on its platform it would be huge for the investors and blockchain technology advocates.
A sudden rise in popularity of any kind of company, in the past, has also been directly related to Elon Musk’s related tweets. This sudden increased interest in Dogecoin is not something different. A few weeks ago, Musk posted articles that dealt with Dogecoin on various social media platforms, and he apparently posted 8 messages related to Dogecoin online in a row.
He even posted a meme of Rafiki from the Lion King, holding up a dog, with the caption “Dogecoin is everyone’s currency.” His subsequent also deals with the same subject: “You don’t need to be a super boss”, “There are no highs, now lows, only dogs.” As could be expected, this caused the currency to skyrocket. Some reports claim that Dogecoin experienced the highest intraday increase up to 1000%.
However, the U.S. Securities and Exchange Commission has taken the decision to investigate this Dogecoin platform and Musk’s tweets about Dogecoin. Still, Musk seems to be taking this very lightly as he later tweeted, “I hope they will investigate. It will be great.”