Elon Musk has started tweeting about Dogecoin again. This time, however, he went a step further: he wants Dogecoin to be listed on Coinbase soon.
Coinbase is indeed one of the most popular and widely used exchanges. However, it lists very few cryptocurrencies compared to, for example, Binance. Dogecoin is not among the cryptocurrencies currently listed.
Therefore, when asked by a user whether Coinbase (used by Tesla to purchase $1.5 billion in bitcoin) should list Dogecoin to facilitate user access to DOGE, Musk replied without hesitation:
Hi Elon, I saw a report that Coinbase was used for the Tesla BTC purchase (nice entry btw)
Do you think Coinbase should enable Dogecoin on their platform? It would enable many folks to easily access DOGE
— 💸💸💸 (@itsALLrisky) March 12, 2021
At present, Dogecoin is not yet in the basket offered by Coinbase. There is no official comment from the platform to suggest that a listing is close.
Elon Musk drives up Dogecoin and not only
In the meantime, in the wake of Elon Musk’s tweets, Dogecoin again surged in price over the weekend, reaching 6 cents on the dollar.
Today it is retracing, like the whole market, and has lost 6.7%.
But Elon Musk also managed to make another unknown cryptocurrency soar: Shiba Inu (SHIB).
This is a cryptocurrency that is only available on a handful of decentralized exchanges, including Uniswap and 0x Protocol. Launched recently, it is worth $0.000009, but has risen 300% just because Elon Musk wrote in one of his tweets that he wanted to get a Shiba Inu.
Some may have thought it was this strange cryptocurrency, but Tesla’s CEO was probably referring to Dogecoin’s iconic dog, a Shiba Inu.
It is now clear that Elon Musk’s words have the power to move markets. Even when he talked about Marscoin, the cryptocurrency with which he imagines the Mars economy could function, the existing Marscoin unrelated to Musk went up in price.
The effect of Musk’s statements, however, is primarily reflected in bitcoin. Among the reasons that triggered the February rally to the previous record high of $58,000 was Tesla’s purchase of bitcoin. The risk is that the slightest turnaround on the part of Musk himself may be enough to trigger falls as sharp as the rises.