The price of DOGE soared by 30%, and its capitalisation increased by almost 40% after Elon Musk's tweet and good news from the largest American cryptocurrency exchange Coinbase.
The value of Dogecoin has not been particularly pleasing to the crypto community in recent days. Although, in fairness, they turned out to be not the most joyful for the entire top of CoinMarketCap. But today, the "dog tokens", which yesterday traded at $0.38 on Binance, managed to break through the $0.56 mark on crypto exchanges.
One of the main reasons for this was Coinbase's announcement of a future DOGE token listing scheduled for the next 6-8 weeks. In addition, the exchange reported a profit for the first quarter of 2021. Its total volume amounted to $335 billion, which is 275% more than the previous quarter with an indicator of $89 billion. Of these, the exchange received 120 billion from retail and another $215 billion from companies. The head of the company, Brian Armstrong, noted that despite the good performance, competition in the crypto industry has intensified and, according to him, this has created a few more problems for the exchange.
Elon Musk also decided to help the beloved token in the market, announcing in one of the latest tweets that he is collaborating with the DOGE developers in order to improve the efficiency of transactions in the system. This, in turn, has significantly increased the number of rumors that Dogecoin will become an alternative to Bitcoin for Tesla.
Against the background of these events, the comic token began to grow not only in value on Binance but also in capitalisation, reaching $68.5 billion. This helped the coin return to the top five on CoinMarketCap again, consolidating its position in fourth place.