Dogecoin is living a pretty crazy time. The cryptocurrency meme is making news almost daily, mainly thanks to Elon Musk, and is now gaining headlines from an exchange. Coinbase announced that it will soon allow buying and selling Dogecoin.
The news was confirmed by the platform’s CEO, Brian Armstrong, during a call with investors. There is not much data yet, but the manager stated that they will include Dogecoin within six to eight weeks.
In this way, Coinbase wants cash in on the Dogecoin craze and earn some good commissions along the way. Gizmodo notes that the company’s decision can give the cryptocurrency a “legitimacy gloss”, while further discussion of its real value continues.
It is worth remembering that the network generates infinite Dogecoins, so its high volume of commercialization puts under the magnifying glass the possibility that it is viable in the long term. However, the virtual currency maintains a frantic growth of its market capitalization, which already well over 70 billion dollars.
Dogecoin, the “people’s cryptocurrency”
Dogecoin is not a new cryptocurrency, but it has never had as much publicity as in recent months. The continuous mentions of Elon Musk have brought the currency to an unexpected prominence: from Twitter to the Moon, to Saturday Night Live. And the madness is far from over.
In recent days, the CEO of Tesla launched a survey to find out if the public was interested in the company accepting Dogecoin as a means of payment, and the result was overwhelming. Of the nearly 4 million people who participated, 72.8% answered yes.
Do you want Tesla to accept Doge?
– Elon Musk (@elonmusk) May 11, 2021
Soon after, Elon Musk himself announced that Tesla suspended the sale of electric cars in exchange for Bitcoin due to the environmental impact of its mining.
And more recently, the businessman indicated that he is working together with the developers of Dogecoin to improve the efficiency of the transaction system. The tweet ended with a phrase that is already making noise: “Potentially promising”.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
– Elon Musk (@elonmusk) May 13, 2021
While all this is going on, if you still don’t really understand what Dogecoin is, don’t worry. The “trusted” economic columnist Lloyd Ostertag can give you an answer.
Although it is a parody fed by Elon Musk himself, it may be that the ending of the sketch (“It’s a hustle” / “It’s a hustle”) hide the answer to why now Coinbase shows interest in this cryptocurrency.
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