Last weekend Elon Musk had his upcoming appearance on the US show Saturday Night Live provided a new all-time high for the Bitcoin alternative Dogecoin. The crash after the broadcast was just as severe. Contrary to what he expected, Musk did not comment positively on Dogecoin, on the contrary. After the prices of Bitcoin and most Altcoins last crashed after Musk’s announcement that it would no longer allow Bitcoins for payment at Tesla, the Dogecoin price shot up on Friday. And again Musk is involved.
Dogecoin course with a big plus
The prices of most crypto currencies are currently recovering. The course of the originally founded as a fun currency Dogecoin stands out. For the past 24 hours, there is currently an increase of 37 percent. Over the course of Friday, the increase was even around 50 percent, as reported by CNBC. The Dogecoin price hovered around the $ 0.55 mark on Friday evening. However, the rate is still a long way from the previous all-time high of May 8, 2021 of $ 0.74.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
– Elon Musk (@elonmusk) May 13, 2021
What is behind the sudden upward trend? For one thing, there was a short Twitter message from Elon Musk. It states that Musk is working with Dogecoin developers to drive transaction efficiency – “potentially promising,” according to Musk. This is particularly interesting because Musk only announced on Wednesday that he would no longer accept Bitcoin payments for Tesla in the future. Allegedly because of environmental concerns. As a result, almost all crypto rates collapsed. A total of around 350 billion dollars are said to have been burned.
After off for Bitcoin: Does Tesla take Dogecoin?
The crypto community now apparently suspects that Musk could instead opt for Dogecoin as a means of payment in the future . In any case, Musk had users voted on Twitter – with a clear result for the Dogecoin. According to market observers, the Dogecoin should allow faster and cheaper transactions.
Thu you want Tesla to accept Doge?
– Elon Musk (@elonmusk) May 11, 2021According to Tradingview, the Dogecoin gained ten billion dollars in market capitalization shortly after Thursday’s Musk tweet. Dogecoin is currently valued at around 71 billion dollars and is the fourth most valuable cryptocurrency after Bitcoin, Ethereum and Binance Coin.
Coinbase crypto exchange allows Dogecoin -Trade
The second price driver is the apparently upcoming listing of Dogecoin at the large crypto exchange Coinbase. The operators announced that they want to enable Dogecoin trading on their platform within the next six to eight percent. However, critics warn of the high volatility of the Dogecoin – and of a possible bubble that could soon burst.In the past few months, Coinbase was able to benefit greatly from the hype about crypto currencies. In the first quarter, profits climbed to $ 771 million – more than twenty times the year-earlier quarter. The turnover of the company, which went public in April, grew from 191 million to 1.8 billion dollars.
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