This article is not financial advice and I am not a financial advisor.
The price of Dogecoin soared more than 25% on Tuesday and the cryptocurrency finally hit $.10 per coin. After 9pm on Tuesday, Dogecoin even surpassed $.12 per coin.
This is a huge milestone for Dogecoin which initially started from a meme.
The cryptocurrency market has been very bullish the last few weeks. Dogecoin usually sees rise in its price whenever Elon Musk tweets his support for the meme coin.
Back on April 10th, Musk would tweet “going to moon very soon”. The term “to the moon” has been popular in pop culture referring to stocks and their prices soaring.
… going to moon very soon
— Elon Musk (@elonmusk) April 10, 2021
Bitcoin and ethereum have been soaring as of late with Bitcoin topping $63,000 for the first time ever on Tuesday. The surges might have something to do with the much anticipated debut of Coinbase.
What is Coinbase?
If you’re wondering what Coinbase is, well, the company wants to build a fair, more accessible, efficient and transparent cryptoeconomy. They started in 2012 with the “radical idea” that anyone, anywhere, should be able to easily and securely send and receive Bitcoin.
Coinbase prepares to go public on Wednesday and it has set a reference price of $250 a share. This would give the company a $50 billion valuation.
The San Francisco-based company will be listed with the ticker name of “COIN”. Once they go public in the morning, Coinbase will make history with their initial public offering.
As of December 31, 2020, Coinbase has generated over $3.4 billion in total revenue since its inception. Over 96% of Coinbase’s total revenue comes from transaction fees on its platform in connection with customers’ purchase, sale and trading of crypto assets according to the company.
The Closing Bell
Dogecoin has been a rollercoaster for the casual investor hoping to see this cryptocurrency finally break $.10 per coin. Musk will forever add to the intrigue of Dogecoin but this spike wasn’t a byproduct of a tweet from him this time.
— Guy Fieri (@GuyFieri) April 13, 2021
Others like Food Newtork’s Guy Fieri tweeted today about Dogecoin helps add to the frenzy. It feels like today’s spike and hype of Dogecoin has to do with the much anticipated Coinbase offering set to debut on Wednesday.
No matter what is causing this spike in Dogecoin, it is causing chaos on social media. There is the old saying, carpe diem or seize the day, investors seem to be following that mantra. Let the chaos ensue.
To the moon.
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