In the span of a few months, Dogecoin went from being a joke to a 90 billion dollar digital asset at the height of its price and popularity. Dogecoin hit its maximum price a few days ago, reaching a high price of 73 cents. Since then the crypto markets experienced a heavy, most coins went down by about 50 per cent, including Dogecoin. However, the Dogecoin price has gone up by more than 20 per cent in a span of 24 hours. Read on to know why is Dogecoin going up.
Why is Dogecoin going up?
There are several reasons behind the rise in the Dogecoin price. For the past few weeks, the price of Dogecoin hovered around 30-31 cents and a rise in price was coming sooner or later. Today, Coinbase announced that they would be listing Doge on their exchange around the world. Coinbase is one of the biggest crypto exchanges in the world, Dogecoin Coinbase listing was a piece of positive news for Dogecoin investors and holders. Moreover, millions of Coinbase users now have access to buying Dogecoin, which pumped up the prices of this meme cryptocurrency. Many Dogecoin supports had been campaigning for Dogecoin to be added to Coinbase for months.
Starting today, inbound transfers for DOGE are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday June 3, if liquidity conditions are met. https://t.co/sFYODy4Xma
— Coinbase Pro (@CoinbasePro) June 1, 2021
The second main reason behind the rapid rise in the price of Doge is Elon Musk, who has been very vocal with his support for Dogecoin on Twitter. Today, Elon Musk put out a Tweet with the photo of Doge on it, which lead to many people buying up Dogecoin. In the past, Musk has been criticised by crypto industry experts for manipulating the prices of cryptocurrencies such as Bitcoin and Dogecoin. Elon Musk has called himself ‘The Dogefather’ and is working with Dogecoin developers to improve the technology behind Doge. However, at the end of the day, Dogecoin is a meme currency with no real-world application, as of now. Stay tuned for more updates on the crypto markets and crypto news.