Around the same time CEO of Tesla Elon Musk raised eyebrows by saying he was working with Dogecoin developers to improve their system transaction efficiency, cryptocurrency exchange platform Coinbase made a huge announcement of their own regarding the meme coin.
Coinbase CEO Brian Armstrong has announced that he plans to list Dogecoin in the next six to eight weeks.
The move by Armstrong comes after Dogecoin saw an astronomical increase of 14,605% since the beginning of 2021 and now currently sits at 52 cents.
Many speculate the big move by Coinbase legitimizes the meme coin even more and has experts believing the cryptocurrency that was once seen as a joke could see another increase once it’s listed on Coinbase.
As of right now Coinbase currently has over 56 million verified users but expect that number to climb after they add Dogecoin to their platform.
Coinbase says it will add dogecoin transactions in the next six to eight weeks https://t.co/RcnfygXb8D
— CNBC (@CNBC) May 13, 2021
Coinbase listing DOGE is a big deal.
It reminds me of when XRP got listed.
— David Gokhshtein (@davidgokhshtein) May 14, 2021
Forbes covered Coinbase’s big move check out what they had to say:
“We plan to list doge in the next six to eight weeks,” said Coinbase CEO Brian Armstrong, speaking on an investor call this week. Armstrong went on to explain the recently Nasdaq NDAQ +2.1%-listed company will be looking to accelerate its adoption of new digital assets—and his vision for Coinbase as an “App Store” for cryptocurrencies.
“Asset addition is something that’s near and dear to my heart. [Coinbase] is going to be focused on how we can accelerate asset addition in the future. There are more and more assets being created in the crypto economy. I think it’s going to be something, kind of, like apps in the App Store or on the iPhone where there’s eventually millions of these assets created over time and so we’re putting a lot of work and thought into how do we accelerate our pace of asset addition, and one of those is doge, as you mentioned, which has been getting a lot of attention recently.”
The dogecoin price, up a mind-numbing 14,605% since the beginning of 2021, began its incredible bull run in January as traders and investors poured cash into the memecoin as part of a retail-led rally fueled by the likes of commission-free trading app Robinhood.
Robinhood’s support of dogecoin has helped the “joke” cryptocurrency record trading volumes that have rivaled bitcoin and other major tokens in recent months with Elon Musk, amongst other high-profile investors and celebrities, spurring dogecoin higher with tongue-in-cheek social media posts.
Coinbase is planning to support Doge in 6-8 weeks. https://t.co/GHheEWiMO5
— Olga Kharif (@olgakharif) May 13, 2021
— Joshua Stout (@JoshuaStout3) May 15, 2021
Fox Business gave some insight on the move by Coinbase too:
Coinbase CEO Brian Armstrong said during a Thursday earnings call that the cryptocurrency company is preparing to list Dogecoin on its platform.
Investors in mid-April watched as the price of Dogecoin, a cryptocurrency that began as a joke in 2013 and is based on a popular meme, surged 500% over one week, bringing the joke cypro into an unexpected spotlight.
“We plan to list DOGE in the next six to eight weeks,” he said during the call. “And then more broadly, we’re going to be focused on how we can accelerate asset addition in the future.”
Billy Markus, one of the co-founders of the joke cryptocurrency and who goes by the name “Shibetoshi Nakamoto” on Twitter, said Thursday that people voted to discuss Dogecoin at Coinbase’s shareholder meeting.
— ⌛ Is DogeCoin A Dollar Yet? ⌛ (@IsDogeDollarYet) May 13, 2021
The only people who are laughing at the meme coin now are the one’s laughing to the bank.
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