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.
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.
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.
Musk’s frequent tweets on Dogecoin worry some in the cryptocurrency community who think they are causing serious damage to the industry.
Read Benzinga Exclusive Next: Dogecoin Creator Says What Sets Meme Crypto Apart From 'Thousands Of Failed Coins' Is Being A Meme
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.