While Dogecoin dumped over 25% after Tesla’s CEO Elon Musk dumped Bitcoin, Coinbase Thursday announced they would be adding meme-based cryptocurrency dogecoin, the CEO, Brian Armstrong said on the company’s Q1 earnings call.
Recall that Elon Musk, over the previous weeks, has been tweeting about the meme cryptocurrency, and it has since grown astronomical 9,400% rise in value since it was just a pup trading at around $0.005 on Jan. 1. the coin gain traction. Who would have known a meme coin will surge over 9,000% repeatedly in the past few weeks? However, at Elon’s recent dump on bitcoin for environmental issues, the coin dipped 25%. Notwithstanding, Coinbase, declared it would be adding it in a few weeks.
Dogecoin was formally launched in 2013 by Software engineers Jackson Palmer and Billy Markus launched Dogecoin as a joke to mock cryptocurrencies’ speculative nature and engage a wider audience than bitcoin (BTC, -3.7%). The company’s logo featuring a cheery-looking Shiba Inu, a small Japanese hunting dog, initially drew a small but loyal following. However, its price languished at under a penny until earlier this year.
Surprisedly, Doge jumped to +20% after Elon Musk bragged again about Dogecoin say working with Doge” developers to “improve system transaction efficiency.”