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Dogecoin rallies on Elon Musk tweet, anticipated Coinbase listing

Dogecoin rallies on Elon Musk tweet, anticipated Coinbase listing

SOCIAL MEDIA NEWS

Dogecoin rallies on Elon Musk tweet, anticipated Coinbase listing

Yuriko Nakao | Getty Images News | Getty ImagesDogecoin soared early Friday after a tweet from supporter Elon Musk, and as Coinbase said it would list the meme-inspired cryptocurrency.The price of dogecoin rose to an intraday high of around 56 cents at 3 a.m. ET, according to data from Coin Metrics. As of 4:30 a.m., dogecoin was up 36% at 52 cents per coin. It’s still down about 20% from a record high of nearly 67 cents only a week ago.Musk tweeted Thursday that he was working with dogecoin developers to improve the efficiency of transactions.On Wednesday, the Tesla CEO made a surprise announcement that his electric car firm would stop accepting bitcoin as payment due to concerns over its environmental impact.That led to a brutal sell-off in cryptocurrencies, including dogecoin. Dogecoin had already fallen significantly after Musk’s appearance on Saturday Night Live, in which he called the digital coin a “hustle.”Meanwhile, crypto exchange platform Coinbase said Thursday it would offer dogecoin support in the next six to eight weeks. Many crypto traders have flocked to the zero-fee investing app Robinhood to trade the meme token; now Coinbase’s move could lead to more trading activity.Dogecoin isn’t taken very seriously by loyal bitcoin supporters. It started in 2013 as a joke, inspired by the “Doge” meme, but has since found a growing community online. Dogecoin is now the fourth-largest crypto by market value on CoinMarketCap, worth over $69 billion.Financial experts warn that dogecoin is a highly speculative asset. It has stoked worries over a potential bubble in crypto markets — though some economists would say all cryptocurrencies are in a bubble.Last week, Bank of England Governor Andrew Bailey warned crypto investors should be “prepared to lose all your money,” echoing a similar warning from the U.K.’s Financial Conduct Authority.Bitcoin was slightly higher Friday, with the world’s biggest digital asset up 2.7% at a price of $50,205. Ether, the second-biggest cryptocurrency, rose 5.5%, to $3,877.


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