Tesla Inc TSLA CEO Elon Musk supported Coinbase enabling Dogecoin DOGE/USD on its trading platform over the weekend.
What Happened: The entrepreneur’s support came in the form of a reply to a question posed by a Twitter user.
Yes!— Elon Musk (@elonmusk) March 13, 2021
BTC traded 1.2% lower at $60,266.12 at press time. The apex cryptocurrency reached its all-time high of $61,683.86 on Mar. 13.
See also: How to Buy Coinbase IPO (COIN) Stock
Why It Matters: Musk made a series of tweets centered around DOGE this weekend. The Tesla chief executive revealed that he was planning to get a Shiba Inu dog, a breed native to Japan and the mascot of the meme cryptocurrency.
I’m getting a Shiba Inu #resistanceisfutile— Elon Musk (@elonmusk) March 14, 2021
While the price of DOGE surpassed $0.06 over the weekend, Musk’s tweets seemingly led to a nearly 300% surge in the price of the Shiba Inu SHIB/USD token.
DOGE traded 1.45% lower at $0.59 at press time. SHIB traded 286.45% higher at $0.0000000823.
Musk made other references to DOGE — which seemingly referred to the 1975 film "Dog Day Afternoon" based on a bank robbery.
Origin of Doge Day Afternoon:— Elon Musk (@elonmusk) March 13, 2021
The ancient Romans sacrificed a Dogecoin at the beginning of the Doge Days to appease the rage of Sirius, believing that the star was the cause of the hot, sultry weather.
Why are you so dogematic, they ask— Elon Musk (@elonmusk) March 13, 2021
Musk’s frequent tweets on Dogecoin worry some in the cryptocurrency community who think they are causing serious damage to the industry.
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