Tesla’s Elon Musk Wants Coinbase to Become DOGE Friendly
Electric car maker Tesla’s CEO and unabashed dogecoin fan Elon Musk wants the Coinbase exchange to end its “No DOGE Allowed” policy and list the meme-based cryptocurrency.
Musk tweeted an exclamatory “Yes” on Saturday after a Twitter user asked the billionaire investor whether Coinbase should enable the Shiba Inu-represented cryptocurrency on its platform.
A listing on Coinbase would expose dogecoin to a whole new breed of investor and thus unleash its potential. That’s because the U.S.-regulated exchange is considered synonymous with institutional investors and high net worth individuals. Tesla bought bitcoin worth $1.5 billion in February via Coinbase.
At press time, dogecoin is changing hands near $0.059, representing a 6.7% gain on a 24-hour basis. Prices surged over 600% in January alone and have risen by nearly 1,130% so far this year. Bitcoin, meanwhile, is up more than 100% on a year-to-date basis, according to CoinDesk 20 data.
DOGE adoption has increased over the past few weeks, with the likes of basketball team Dallas Mavericks accepting the cryptocurrency as payment for tickets and merchandise.
Leading sports brand Wooter Apparel and medical supplier CovCare recently announced support for dogecoin as alternative means of payment.