Dogecoin collected more than 20% on Wednesday morning after news that it would soon be added to one of the world’s largest cryptocurrency exchanges and the encouragement of billionaire, enthusiast Elon Musk on Twitter, gaining nearly $ 10 billion in market capitalization, but leaving it all away highly reached on the eve of Musk’s SNL appearance in early May.
Dogecoin traded at about $ 0.39 on the coin early Wednesday morning – from about $ 0.32 before Coinbase Pro on Tuesday announced its immediate availability on the platform.
The announcement of the stock exchange stimulated a rush of interest in meme cryptocurrency, as well as tweets from Tesla CEO Elon Musk, who regularly moves crypto markets with his activities on social networks.
Dogecoin’s market capitalization now stands at about $ 51 billion, up from $ 42 billion on Tuesday, making it the sixth most valuable cryptocurrency by market capitalization.
At its current value, it is dogecoin worth more than Vaccine manufacturer Covid-19 BioNTech, Dollar General and Marriott International.
Coinbase teased his upcoming dogecoin support earlier this month, causing another spike in crypto value. Joining the platform is a major sign of enduring popularity mem a coin that started life in jest. Dogecoin is volatile even within a very turbulent crypto landscape, usually changing its double-digit sign in response to musk attention. The rally is far from the peak of a month ago, when it was one-week rally he took away new peaks of all time before Musk’s expected appearance on Saturday Night Live. Its value headlong 40% after Musk’s performance i crashed, along with the whole market, when the musk tweeted Tesla’s decision not to accept bitcoin and China anymore He said it would be cruel to financial institutions that use digital assets.
What to look out for
Dogecoin trading starts on Coinbase Pro on Thursday at 9 a.m. PT. The release will take place one step at a time to ensure a “healthy and orderly market”.
The U.S. Securities and Exchange Commission reportedly wrote letters to Tesla in 2019 and 2020 because of Musk’s potential market habits on social media, Wall Street Journal reported. The regulator accused the company of failing to implement a court agreement requiring Musk to get approval for his tweets after he claimed to have secured funding to take Tesla privately to the 2018 platform. The check was part of a settlement after the regulator sued him for fraud.