Coinbase is finally warming up to the idea of popular meme cryptocurrency Dogecoin (DOGE), which has undeniably had a stellar run-up so far this year, at one point hitting a peak of 73.76 cents in the past several weeks – a gain of about 15,600% for the year.
A recent announcement by Coinbase CEO Brian Armstrong saw confirmation of the popular cryptocurrency exchange’s plans to list the infamous DOGE within a mere timeframe of approximately six to eight weeks.
More broadly, the company is focused on accelerating a more broad range of crypto-asset additions in the future, according to Armstrong.
Doge’s march toward a record high was propelled by anticipation ahead of Tesla CEO Elon Musk hosting “Saturday Night Live” on May 8, facilitated by the expectation of speculators that he would be making comments on the DOGE.
The market promptly sent the meme coin crashing after Musk’s appearance – in fact, it dropped to a low of 35.72 cents despite receiving intermittent support through stray tweets from Musk.
In fact, many are now pointing to Musk as triggering a sell-off in the cryptocurrency markets. This comes after stating Tesla will not be accepting BTC as a payment option, in stark contrast to the recent announcement of the companies plans to accept payment in BTC – citing “environmental concerns” as the primary cause for concern.
In the near term, the anticipated adoption of Dogecoin by Coinbase should offer support to the cryptocurrency.
Doge, which is already a favorite with retail investors and is expected to see its trading volume benefit from Coinbase, with exchanges such as Binance, OKEx, and Huobi already allowing Doge trading on their platforms.
Drawing comparison to the Apple App Store, Armstrong said Coinbase is putting a lot of work and thought into accelerating its pace of asset addition. However, this is not financial advice – as always, you are advised to DYOR.
At the time of publication, Dogecoin is the fourth-most traded cryptocurrency, according to CoinMarketCap.
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