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It was just a joke at first, but with the strong support of Elon Musk, the news about the cryptocurrency Dogecoin will only get better.
It has been a difficult week for owners of the popular cryptocurrency Dogecoin, but the rally continues.
Last Friday, Elon Musk greatly increased the digital coin inspired by memes with a “$10 billion tweet”, Also announced that Coinbase, the largest cryptocurrency exchange in the United States, will list Dogecoin in the next six to eight weeks.
Coinbase said it has more than 56 million verified users in 100 countries, but it has not previously offered Dogecoin on its platform.
Coinbase CEO Brian Armstrong (Brian Armstrong) said in announcing the call with investors and analysts that there is a need to accelerate the way the company adds new digital assets to its product portfolio.
Coinbase’s main products include Bitcoin and Ethereum’s Ether, but the upcoming Dogecoin (now the fourth most valuable cryptocurrency) has received strong support from diehards.
The influence of the platform has prompted the use of the term “Coinbase effect”, which refers to the increase in the price of cryptocurrencies listed and sold on major cryptocurrency exchanges.
Driven by Musk’s claim that he “is working with the Governor’s developers to improve the efficiency of system transactions,” Dogecoin rose by 20% on Friday.
The billionaire CEO of Tesla wrote on Twitter: “Potential hope.”
Coinbase went public on April 14 and became the largest cryptocurrency exchange in the United States.
It released the company’s first quarterly report on Friday. Its share price has experienced the same turbulence as the crypto market, falling 38% from its peak in mid-April.
However, earnings per share were US$3.05 and revenue was US$1.8 billion, basically in line with investor expectations. Coinbase Chief Financial Officer Alesia Haas believes that “encryption technology will continue to exist.”
In an extensive interview with CNBC, she said: “Usually, the first coin that people are interested in is Bitcoin.”
“Other crypto assets on the platform. The number of assets traded on our platform is increasing, so we believe that as time goes by, more and more users start to use more and more crypto assets, which is very happy for us. have witnessed.”
Whether investors should take Dogecoin seriously will not attract Haas.
“We leave it to the user to decide. We are a platform. We hope to provide all assets that meet our listing standards, and hope to be a place where you can trade wherever you want to trade.” Haas said.
“This is not the case today. We are slow. We need to add more assets. We are investing heavily to increase the rate of asset growth, but obviously, the market is talking.”
But Haas believes that cryptocurrency will become mainstream.
“I think encryption technology will continue to exist. However, I do think that cryptocurrency is volatile, and you can see it responding to a tweet and responding to one-off headlines,” Haas Say.
“This is a long-term investment. We believe that we have only just begun to tap the potential of encryption technology, but this may be a bumpy journey, and we can see the past as volatile as the past.”
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