Continues I ride on a roller coaster for Dogecoin, which in the last few hours has again returned to growth by 30%, at a time when the entire sector crypto is struggling with a negative trend triggered, as usual, by the reckless statements of Elon Musk.
To provide the propellant for this new growth was the news related to the decision of Coinbase, which announced its decision to add the famous meme coin to its trading. A fairly awaited news, which, however, has allowed DOGE to take the opposite direction to that of the market. Where in the meantime there is a long series of minus signs.
Dogecoin returns to fly after Coinbase's announcement
He was the CEO of Coinbase, Brian armstrong, to make the decision on Dogecoin public. Adding that it will be offered by theexchange in a period of time which should oscillate between four and six weeks.
After the news was published, the token surged from $ 0,38 to $ 0,50 on exchanges that have already included it in trading, including Binance, Creak and FTX. A trend completely contrary to what is characterizing the cryptographic sector in these hours, after the statements by Elon Musk on Bitcoin. Which have been interpreted in practice as a Tesla CEO real turnaround not only on the digital icon, but also on the cryptocurrency in general.
What is Coinbase's decision due to?
Naturally, many have begun to question what are the reasons that led Coinbase to include Dogecoin in its trading. If it is true that it is now practically impossible to ignore what is a real phenomenon of custom, another reason has been identified in the competition brought by Robinhood. The cryptocurrency trading app has in fact benefited enormously over the last few months from the presence of DOGE within the proposed cryptocurrency basket, which is currently limited to seven. A presence so strong that it provoked more than a technical problem with the application, due to too high trading volumes. And such that it can no longer be ignored by Coinbase. Which has therefore decided to adhere to the many invitations from its users, benefiting Dogecoin in the terms that are emerging in these hours.
The importance of Coinbase is increasingly evident
From the ongoing affair, the importance of being part of Coinbase's proposal for a cryptocurrency emerges once again. A fact which, moreover, has been the subject of a study by Messaria, which the recent March 31 indicated in about the 29% the positive impact on the price of a token following its inclusion in Coinbase's basket of digital assets. A fact that is confirmed by the evolution of Dogecoin's price since Armstrong made his announcement. Enough to push someone to compare the pump and dump of the exchange to that carried out on several occasions by Elon Musk. A series of actions which have contributed enormously to raise the price of the meme coin invented by Billy Markus and Jackson Palmer. Enough to arouse more than an alarm in the most discerning environments of the cryptographic space. Where many begin to watch the development of one with fear situation considered abnormal.