‘It’s Inevitable’—Elon Musk Sends The Dogecoin Price Sharply Higher After Coinbase Drops Doge Bombshell

Elon Musk, Tesla’s
chief executive who’s apparently adopted dogecoin as a pet project, is again moving markets.

The dogecoin price has soared by around 20% over the last 24 hours, boosted first by major U.S. cryptocurrency exchange Coinbase adding long-awaited support for dogecoin on its professional trading platform.

Now, Tesla billionaire and Twitter meme lord Elon Musk has reposted a tongue-in-cheek dogecoin image he first shared in July last year declaring the “dogecoin standard” is “inevitable.”

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The image, showing a dogecoin cloud rolling over the “global finanial system,” was captioned “it’s inevitable” by Musk. Later, Musk posted another dogecoin meme showing a dogecoin Shiba Inu dog at a computer with the words: “I have to keep my passion hidden from the public or I’ll be socially ostracized.”

“Found this pic of me as a child,” Musk joked alongside the image.

The dogecoin price, up 13,000% on this time last year, has shot up the rankings of cryptocurrencies by value thanks to support from Musk and other high-profile investors.

Musk has previously said all of his dogecoin-related comments shouldn’t be taken seriously but has since called on people to submit ideas for dogecoin improvements and upgrades and fueled rumors he’s working with doge developers.

Musk’s support, growing alongside his fickle interest in bitcoin and other cryptocurrenices, has added legitimacy to a cryptocurrency that was originally created as a “joke” and has been criticized for its lack of development and token concentration among a small group of accounts.

Dogecoin’s 2021 success was highlighted by Coinbase, the biggest U.S. cryptocurrency exchange with almost 60 million users around the world, adding dogecoin to Coinbase Pro this week, with trading set to launch on Thursday “if liquidity conditions are met.”

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“One of the most common requests we receive from customers is to be able to trade more assets on our platform,” the exchange posted to its blog. “Starting immediately, we will begin accepting inbound transfers of doge to Coinbase Pro. Trading will begin on or after 9am Pacific Time (PT) Thursday June 3, if liquidity conditions are met.”

Last month, Coinbase CEO Brian Armstrong revealed the exchange, which recently made its Nasdaq
debut, would list dogecoin during an earnings call. Coinbase has not yet confirmed dogecoin will come to its retail platform but it typically adds retail support for cryptocurrencies a few weeks after Pro listings.

“Dogecoin (doge) was created in 2013 as a lighthearted alternative to traditional cryptocurrencies like bitcoin,” the Coinbase blog post read. “The dogecoin name and Shiba Inu logo are based on a meme. Unlike bitcoin, which is designed to be scarce, dogecoin is intentionally abundant—10,000 new coins are mined every minute and there is no maximum supply.”

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