Elon Musk's Weekend Dogemania: Calls On Coinbase To Support Dogecoin And Sends Wrong Crypto Soaring Again

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.

Tesla’s $1.5 billion Bitcoin BTC purchase was facilitated by the soon-to-go-public Coinbase, according to the Block.

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. 

See Also: Elon Musk Unintentionally Sends 'Marscoin' Cryptocurrency Soaring 1,800% With A Tweet

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.

See also: How to Buy Dogecoin (DOGE)

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

Posted In: CryptocurrencyMarketsCoinbasedogecoinElon Musk