Danial jack
by on June 7, 2021
Doge may have become popular because of the influence of Elon Musk, the CEO of Tesla Motors. But over a few weeks, Dogecoin has been proving its consistency over the past few weeks as it grew into the top ten cryptocurrencies in terms of market value. Dogecoin was largely unknown until 2021, when Elon Musk took an interest. And of course, this gave rise to a massive increase in the value of this cryptocurrency. It was also one of the coins affected by the Chinese regulation; it bounced back almost immediately. However, very recently, the value of Dogecoin has increased tremendously within the last twenty-four hours.
Can you buy Dogecoin on Coinbase?
Coinbase is one of the most common cryptocurrency platforms across the globe. Yesterday, coinbase announced that Dogecoin would be one of the cryptocurrencies listed on the platform after a pro launch. This announcement alone pushed the value of Dogecoin up by 30%. Note that this announcement hasn’t taken effect yet, so you can imagine how its impact will be. As you’re reading, DogeCoin sells for more than 50 cents which is an over 25% increase. Additionally, the Coinbase announcement included that they’ll be supporting Dogecoin on their platform. As you will expect, this will further strengthen the value of Dogecoin.
When Dogecoin started in 2013, it began as a sort of joke for Bitcoin. It remained a jest cryptocurrency up until the early parts of this year. Like we mentioned earlier, Elon Musk’s sudden interest in cryptocurrency made him an influencer in the market with his social media posts. He single handedly took Dogecoin to its highest value of 67 cent. However, he was also instrumental to the value reduction of the market when Tesla Motors stopped accepting Bitcoin as a form of payment.
At the start, Dogecoin was neglected mainly partly because of the reason it started. More so, they had a few technology-related challenges at the beginning. So this currency was considered a risky investment primarily, especially for people who were starting. Since the traders are just beginning to influence the market mainly, the value of Dogecoin was neglectable. However, things are sure going to change when Coinbase affects this announcement.
First off, Coinbase is one of the largest cryptocurrency platforms on the globe. In the United States of America, Coinbase has the biggest acceptance amongst most traders. The number of traders that actively own a verified Coinbase account is up to 56 million. Also, the total asset value of the transactions is over $200 billion held by different traders. When a new coin gets listed on Coinbase, the value of that coin always jumps in value. It is even a widespread effect that many refer to as the Coinbase effect. As you can see, just the announcement has increased the value of the currency.
What should you expect?
Of course, when Coinbase affects this announcement, expect a rise in the value of Dogecoin. Although by the time we were writing this article, the value of Dogecoin had depreciated. This is why you should always be careful when it comes to cryptocurrency trading Instead of taking high risks with your money, why not earn while you play fantasy games? A great one to try is Fanspel!
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