It seems that the meme-inspired cryptocurrency has made its way to the headlines once again after Coinbase announces plans to list Dogecoin. The meme crypto asset also surged higher after Elon Musk’s statement earlier today.
The price of Dogecoin has increased around 30% in the last 24 hours, which has left the crypto enthusiasts wondering if they should be investing in the meme coin.
With a significant increase in its price, Dogecoin has climbed to the rankings amongst the digital currencies and is now the fourth most valuable crypto asset. Elon Musk’s support and the possible listing of Dogecoin on Coinbase are two crucial factors that have attracted the attention of crypto enthusiasts.
People who plan on investing in the crypto world should be up-to-date with the market trends and choose the right time and exchange to buy the digital currency they want. In case of buying Dogecoin, interested parties can use Binance, which is considered one of the most secure exchanges by crypto experts.
Coinbase Plans to List Dogecoin
Coinbase is the leading U.S.-based crypto exchange that offers a safe and secure way for interested parties to trade and invest in digital assets. While falling slightly short in terms of revenue last year, Coinbase has revealed an impressive triple revenue in the first quarter of 2021. As compared to the last quarter of 2020, the boost in Coinbase’s revenue in Q1 of this year occurred as active users of the crypto exchange doubled, increasing from 2.8 million to 6.1 million.
With a successful Q1 of 2021, Coinbase has now planned to list Dogecoin within the next eight weeks or so. The platform aims to increase its speed by launching new listings according to the company’s CFO, who said:
“We are slow. We need to add more assets. We’re making big investments to improve the speed of our asset addition.”
The CFO, Alesia Haas added:
“I think that crypto will enable new transactions that we can’t even envision today.”
What Does the Future Hold for Dogecoin and its Investors?
Dogecoin caught the eye of several crypto enthusiasts as it has one of the most popular names in its support system. This has been one of the contributing factors for the meme crypto asset’s prominence in the past few months. The price and prominence of Dogecoin increased further after Elon Musk stated that he is working with the Doge devs to make the transaction system more efficient and better as it is quite promising.
The statement by the billionaire and supporter of Dogecoin drove up the price of the meme coin, which boosted its total market capitalization to approximately $70 billion.
Along with Musk’s intriguing statement, Coinbase’s plans to list Dogecoin can also be seen as a possible path to success for the meme-inspired crypto asset. This has led many to speculate what the future holds for the crypto asset and people who have invested in it.
While nothing can be said with absolute conviction, considering the market trends can be surprising at times, it can be observed that the surge in Dogecoin has caught the attention of many interested parties while some are still doubtful regarding its worth and utility.
Regardless, people who plan on investing in Dogecoin can use Binance. On the other hand, people who are looking to make an investment can always opt for Bitcoin by using popular exchanges such as SwissBorg or Kraken. Potential investors who ultimately want to move towards crypto trading can also use ByBit or opt for copy-trading by using PrimeXBT Covesting.