Dogecoin is one of the more unusual cryptocurrencies in the crypto space. Based on a popular internet meme, DOGE became more popular in 2020 after Elon Musk, the CEO of Tesla, tweeted regularly about it, leading to a spike in its market value. This came around the time that Tesla bought $1.5 billion worth of bitcoin, marking its entry into the crypto market.
As unique as dogecoin is, it is not as widely available for purchase as bitcoin or ether. However, Elon Musk is sticking up for dogecoin and advocating for greater public access to the coin.
Elon Relishes Dogecoin
Musk’s most recent comments about dogecoin were made via Twitter in response to a question by a Twitter user about dogecoin and Tesla’s use of Coinbase for its BTC purchase.
“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,” the Twitter user asked.
Musk simply replied saying, “Yes!”, implying a positive response to both the report about Coinbase and his feelings about dogecoin being listed. The listing of a digital asset can have a massive effect on how successful it can be in the long run. If a popular coin is easily available on the biggest exchanges, it has a higher chance of progress.
Likewise, if i’s not widely listed then the chances of investors being able to buy and sell it is greatly diminished. Coinbase is one of the biggest crypto exchanges in the world and dogecoin being listed there will definitely boost its profile.
The last few months have already shown that the crypto has great potential and a wider listing will only be a chance to explore that further. One response to the Musk tweet pointed out that they were unable to buy dogecoin as it was only listed on a non-US trading platform.
It is also interesting that details of the Tesla BTC purchase are coming to light, especially as more large firms are likely to invest in bitcoin over the next few years. Exchanges are, in many ways, the biggest entry and exit point for the industry and as more money flows into the industry, exchanges are bound to benefit as well.