Dogecoin Soars As Elon Musk Declares The Crypto’s ‘Inevitable’ Financial Takeover Following Coinbase Pro Listing

Dogecoin Soars As Elon Musk Declares The Crypto’s ‘Inevitable’ Financial Takeover Following Coinbase Pro Listing

Share to Linkedin Dogecoin rallied more than 20% Wednesday morning following news it would soon be added to one of the world's largest cryptocurrency exchanges and encouragement from billionaire enthusiast Elon Musk on Twitter, gaining nearly $10 billion in market cap but leaving it a long way off the all time high it reached ahead of Musk's SNL appearance in early May. Dogecoin was trading at around $0. 39 a coin early Wednesday morning“”up from around $0. 32 before Coinbase Pro on Tuesday announced its imminent availability on the platform. The exchange's announcement spurred a flurry of interest in the meme cryptocurrency, as did tweets from Tesla CEO Elon Musk, who regularly moves crypto markets with his social media activity. Musk responded to the Coinbase announcement by reposting an old tweet calling the rise of the dogecoin "inevitable," later reigniting interest with another doge-based meme. Dogecoin's market cap now sits at around $51 billion, up from $42 billion on Tuesday, making it the sixth most valuable cryptocurrency by market cap. At its current value, dogecoin is worth more than Covid-19 vaccine producer BioNTech, Dollar General and Marriott International. Coinbase teased its coming support of dogecoin earlier this month, causing another