Tesla’s CEO Elon Musk is flexing his superpowers again. In a one-word tweet, the Tesla boss threw his support behind the call for a Dogecoin listing on Coinbase.
The March 13 tweet, which was spurred by a Musk fan’s question, had seen the eccentric billionaire continue his love affair with DOGE.
Musk, whose company purchased $1.5 billion worth of Bitcoin, believes Coinbase should enable Dogecoin trading on its platform.
— Elon Musk (@elonmusk) March 13, 2021
DOGE For Everyone
Coinbase is a major cryptocurrency exchange based in San Francisco. The exchange, which valued at a whopping $100 billion, only offers a Coinbase Wallet for DOGE, allowing crypto owners to simply store their tokens. But, the premier destination for crypto lovers in the US has so far been reluctant to list the Shiba Inu— mascot representing Dogecoin—on its exchange.
Even though the least-regarded crypto-asset sits on an enviable 15th position based on market cap, many crypto investors do not take it that seriously.
The parody cryptocurrency has become a sort of pet project for celebrities and is termed the “people’s coin” by DOGE hodlers.
Gene Simmons of KISS rock band and veteran rapper Snoop Dogg has been quite vocal in endorsing the meme-based cryptocurrency. Others include, one-time crypto critic Mark Cuban, who has suddenly become a DOGE evangelist.
Cuban’s basketball team, Dallas Mavericks, recently added DOGE support for crypto payments for fans. The deal, completed with blockchain company Bitpay, is expected to allow fans to purchase tickets and buy online merchandise using Dogecoins.
In the past week, Cuban said that the Mavs have already recorded sales of 20,000 Dogecoins and predicted that Dogecoin would hit $1 soon enough.
DOGE Nothing More Than A Joke Currency?
Even though DOGE hit an all-time high of $0.088 following Musk’s continued promotion of the digital token on his Twitter profile, many industry experts are unconvinced.
Pointing out clearly that the celebrity-supported digital asset does not have enough use cases to maintain its position on the chart, Kadan Stadelmann, chief technology officer at Komodo, said that DOGE reaching $1 is impossible.
According to Stadelmann, DOGE’s infinite circulating cap cannot see it adopted as a medium of exchange as this can make it become more like a digital fiat.
Others like Johnny Lyu, CEO of cryptocurrency platform KuCoin, feel differently, saying that the relative ease of transacting with DOGE could see it become a payment favorite for crypto owners.
Crypto-facing businesses like CoinFlip also see the potential upside of Dogecoins. CoinFlip, a Bitcoin automated machine teller (ATM) provider, recently added support for the joke cryptocurrency in its 1,800 ATMs spread across the US.
CoinFlip took the initiative after seeing an enthusiastic response to the canine-themed cryptocurrency. According to a tweet released by the company, its Bitcoin ATM users will now be able to buy DOGE with cash.
CoinFlip also offers support for Bitcoin, Ethereum, Litecoin, Dash, Komodo, Chainlink, Stellar, and Tron.