Elon Musk says he's working with DOGE's developers, and Coinbase plans to list the cryptocurrency within weeks.
As Bitcoin struggles to cling on to $50,000, with Ether falling well below $4,000, one unusual bright spot among a sea of red has been Dogecoin.
The joke cryptocurrency has rallied by 19% in 24 hours on the back of two helpings of good news.
Elon Musk, who isn’t exactly the crypto industry’s flavor of the month right now, caused a stir when he revealed that he is working with DOGE’s developers to improve system transaction efficiency. This comes days after he polled his Twitter followers on whether Tesla should accept the altcoin as a payment method.
But perhaps the more headline-grabbing announcement came during Coinbase’s call with analysts — hot off the heels of its first-quarter results.
The very first question that CEO Brian Armstrong received concerned when the exchange’s users will be able to buy and sell DOGE. Acknowledging that the digital asset has enjoyed “a lot of attention recently” (not least because of the quadruple-digit gains in his value,” he said:
“We plan to list Doge in the next six to eight weeks. And then more broadly, we're going to be focused on how we can accelerate asset addition in the future.”
DOGE Clings On
At the time of writing, Dogecoin and Cardano are the only cryptocurrencies in the top 10 that have managed to clock gains in the past 24 hours.
Some analysts had warned that DOGE could be on the brink of seeing an XRP-style collapse that would cause most of its value to evaporate. But so far, at least, this hasn’t been realized.
Data suggests that cryptocurrencies often experience a bit of a price boost after being listed by Coinbase, meaning there’s a prospect of some newfound bullish momentum if DOGE becomes easier for everyday consumers to buy.