Dogecoin’s price dropped significantly after setting an impressive record, trading at $0.73 in early May. The cryptocurrency, launched as a joke, is currently rated the sixth-largest crypto in the world with a market capitalisation of $48.7 billion, per CoinDesk.
The meme crypto Dogecoin has increased in price after exchange platform Coinbase added it to their market. It currently stands at $0.38, according to CoinDesk.
The platform on Thursday also launched a draw to attract more users. Coinbase is offering $300,000 in Dogecoins for one winner, $30,000 for ten, and $100 for 6,000 participants.
“Dogecoin is now on Coinbase, and we’re giving away $1.2 million in prizes to celebrate. Opt in and then buy or sell $100 in DOGE on Coinbase by 06/10/2021 for your chance to win”, the platform says.
Once again, the value of Dogecoin was affected by a tweet from Tesla and SpaceX CEO Elon Musk. Ahead of Dogecoin’s appearance on Coinbase, he tweeted an image of a Shiba Inu sitting in front of a computer, accompanying it with a caption, saying: “Found this pic of me as a child”.
Crypto investors and “Doge Army” members tweeted their aspirations and hopes for the next hike in price.
Let’s go straight to $250 💎👐😳 #Dogecoin pic.twitter.com/9XqZGCitY5
— r/dogecoin (@dogecoin_r) June 2, 2021
Tomorrow 56 million people are going to have access to $Doge imagine the possibilities to moon 🌝 🚀🚀🤑🚀🚀
— 🚀DogeFriend🚀 (@MartinTomarz) June 2, 2021
#DogeOnCoinbase bring us back to this pic.twitter.com/uYcDABsMuY
— The Daily Pirate (@realdailypirate) June 3, 2021
Buying #DogeOnCoinbase #doge #dogecoin 🌝 soon! pic.twitter.com/GpEou9m5st
— DogeMoonLanding (@ONEMDESIGNS1) June 3, 2021
Well one #Dogecoin milestone complete #DogeOnCoinbase pic.twitter.com/ouRGM720xy
— Noble Doge (@JustinScerini) June 3, 2021
Some users were upset to witness a decrease in price, as Dogecoin was trading at $0.44 shortly after joining Coinbase.
When #DogeOnCoinbase is trending and the price is going down: pic.twitter.com/0j2SSCplTP
— Alford Corriette (@alfcorriette) June 3, 2021
Still, there were also those who are interested in the crypto.
Only down 2% on the 24hr 📉🐕
Up 20% on the week!!! 📈🐕
Any #Dogecoin dip is tempting to me though 🤤 #Doge #Dogecoin #DOGEONCOINBASE pic.twitter.com/VSLXnQ0JiL
— Sir Doge of the Coin 🐶 (@dogeofficialceo) June 3, 2021
Dogecoin is up approximately 7,400 percent since the beginning of the year against a general surge of other digital currencies and the active support of Elon Musk, along with the so-called the “Dogecoin Army” – amateur and professional investors seeking to boost the price of the cryptocurrency. Doge was affected by the May crypto market dip too, dropping some 30 percent after Musk appeared on Saturday Night Live in early May and admitted jokingly that Dogecoin is a “hustle”.
Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj
— Saturday Night Live – SNL (@nbcsnl) May 9, 2021