Elon Musk, Chief Executive Officer of car maker Tesla, has been very vocal about Bitcoin (BTC) and some cryptocurrencies. This time, he has suggested that U.S. leading exchange Coinbase should add Dogecoin (DOGE) to its platform.
Coinbase has been constantly in the news as the crypto exchange prepares to go public with its platform. The crypto exchange has also increased in valuation to nearly $100 billion.
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As for Dogecoin, some popular investors are still skeptical about the long-term viability of the token since it doesn’t have a project backing it. It’s a meme-based asset that is traded only for the unique appearance of the meme.
Musk recently supported Dogecoin, which helped to skyrocket the price of the token. Dogecoin is presently the 15th largest cryptocurrency based on market capitalization and is currently trading at $0.056.
At the beginning of last month, it rose to $0.088 during the GameStop saga and as a result of the frequent tweets of Musk.
Coinbase offers halfhearted support to Dogecoin
In May 2019, Coinbase announced the support of Dogecoin, but the exchange giant only enables users to store their tokens.
But the high interest the token has generated has not been enough to force Coinbase to offer the token for trading on its platform. However, it has successfully listed the likes of Polygon (MATIC) and SushiSwap (SUSHI) on its platform – two tokens considered less popular than Dogecoin. This was not appreciated by the proponents of the token who feel Dogecoin is ripe for an exchange like Coinbase to list it.
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Dogecoin community wants crypto pairing on Coinbase
Binance has since listed DOGE on its platform and the DOGE/USDT pair on the platform trades about 8% of the token’s entire trading volume. The remaining volume is scattered across other exchange platforms.
But the Dogecoin community is particularly concerned about Coinbase since the exchange is the largest in the U.S. and could encourage more people to trade on the meme-based token. It will also offer the token more exposure as Coinbase prepares to be publicly listed on Nasdaq.