Dogecoin price jumps as Coinbase set to list coin, Musk working with developers

imageCryptocurrency News10 hours ago (May 14, 2021 10:45)

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By Samuel Indyk – The price of Dogecoin jumped on Friday morning after cryptocurrency exchange Coinbase said they plan to list the meme-based coin soon.

Following an earnings update after market on Thursday, the Coinbase (NASDAQ:COIN) CEO Brian Armstrong said they plan to offer Dogecoin on its platform in “six to eight weeks”.

Coinbase has been particularly slow in adding some of the more popular coins as they have continued to gain popularity since the start of the year. But Armstrong said they plan to accelerate the time to add new coins going forward, including plans to add debut coins and be the first exchange to list them.

Elon Musk threw the cryptocurrency upside down late on Wednesday when he said Tesla (NASDAQ:TSLA) would stop accepting Bitcoin as payment for its electric vehicles, due to the environmental damage caused by mining and transactions.

At the time, Musk was quick to point out that this didn’t mean he was turning his back on cryptocurrencies, in fact, the world’s second richest man said Tesla was looking at other cryptocurrencies that use less than 1% of Bitcoin’s energy per transaction.

And that brings us to Dogecoin.

Late on Thursday, Elon Musk picked up his iPhone and announced on Twitter that he was working with the developers of Dogecoin to improve system transaction efficiency. Musk also said it was “potentially promising”.

Musk’s announcement and the potential listing of the cryptocurrency on the largest cryptocurrency exchange in the US sent the price of Dogecoin higher by over a third, from a low of around $0.44 to above $0.56.

Other major cryptocurrencies have also stabilised after the falls seen in yesterday’s trade. Ethereum is up 6% over the last 24 hours while Bitcoin is relatively steady around $50,000. XRP, which some analysts claim is a “cleaner” cryptocurrency, is up 11% over the last 24 hours to $1.40.

Dogecoin price jumps as Coinbase set to list coin, Musk working with developers

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