TL;DR Breakdown
• Musk to work with Dogecoin to improve transactions.
• Motley Fool does not add Dogecoin to the top 10 cryptocurrencies.
As if Elon Musk’s talk about DogeCoin on SNL wasn’t enough, Coinbase says it will list the cryptocurrency on its platform this week. This platform has the largest cryptocurrency exchange system in the United States.
The trend that Dogecoin had before this announcement was good, but now it can improve and be reflected in its market capitalization. Transactions with the cryptocurrency could take off, which will undoubtedly increase its value in the market. Although, Dogecoin has shown that it needs little stimulus to go up and down in price with this news.
Musk has big cryptocurrency news
Elon Musk, Tesla CEO, caused many cryptocurrencies to lose their value by announcing that the auto company would not accept Bitcoin as payment. This news was contradictory because weeks ago, he said that Tesla entered the crypto market with BTC. The excuse for this measure is that the cryptocurrency affects the environment with its energy usage in mining.
However, after the show, Musk tweeted that he was working with DOGE staff to improve the cryptocurrency. The purpose is for Dogecoin transactions to be more efficient, which would help its value.
Some people question Musk’s tweet, saying that the cryptocurrency doesn’t have a developer pool. Musk may be manipulating the crypto market, again, to push Dogecoin higher.
Coinbase and its new relationship with Dogecoin
Coinbase intends to include Dogecoin in its cryptocurrency collection within 6-8 weeks. This is an excellent show of support that the exchange system gives towards the new cryptocurrencies. Although the market that revolves around Dogecoin is very speculative, the cryptocurrency is expected to rise in value.
Although Dogecoin started as a joke cryptocurrency based on a social media meme, its price increased. Coinbase is trusting the cryptocurrency, and it is not to be expected because its value soared from SNL. The DOGE price rose 30%, reaching $0.54, although it is still 24% below its record high.
Investors like Tom and David Gardner believe this Dogecoin price hike is sporadic, not real. These experts spoke about the ten best cryptocurrencies to invest in, and Doge was not part of the list. The merger that Coinbase makes with Doge may increase its value, but it is due to speculation and not the initiative of the cryptocurrency.
Although the Gardner brothers, co-founders of Motley Fool Stock Advisor, do not believe in cryptocurrency like Coinbase, their results must be seen. Motley Fool, an online investment service, may be wrong about Dogecoin and the “bubble” the crypto is seen as.
Coinbase has bought into the Dogecoin train; now, the cryptocurrency mustn’t disappoint the company. The cryptocurrency may not be ahead of Bitcoin or Ethereum, but it is expected to increase in value.
