Tesla Ing (NASDAQ: TSLA) CEO Elon Musk supports Coinbase support Dogecoin (CRYPTO: DOGE) this weekend on its trading platform.
What happened: The support of the entrepreneur comes in the form of an answer to a question posed by a Twitter user.
Yes!
– Elon Musk (@elonmusk) 13 March 2021
Tesla $ 1.5 billion Bitcoin (NASDAQ: BTC) purchases have been facilitated by the soon-to-be-public Coinbase, according to the Block.
BTC traded 1.2% lower at $ 60,266.12. The apex cryptocurrency reached its all-time high of $ 61,683.86 on March 13th.
Why it matters: Musk made a series of tweets around DOGE this weekend. The Tesla CEO has revealed that he was planning to get a Shiba Inu dog, a breed from Japan and the mascot of the meme cryptocurrency.
I get a Shiba Inu #resistance is useless
– Elon Musk (@elonmusk) 14 March 2021
While the price of DOGE surpassed $ 0.06 over the weekend, Musk’s tweets apparently led to an almost 300% increase in the price of Shiba Inu (CRYPTO: SHIB) token.
See also: Elon Musk unknowingly sends’ 800% ‘Marscoin’ cryptocurrency with a tweet
DOGE traded 1.45% lower at $ 0.59 at the time of going to press. SHIB traded 286.45% higher at $ 0.0000000823.
Musk made other references to DOGE – which apparently referred to the 1975 movie “Dog Day Afternoon”, based on a bank robbery.
Origin of Dog Day afternoon:
The ancient Romans sacrificed a Dogecoin at the beginning of the Dog Days to appease Sirius’ anger, believing that the star was the cause of the hot, humid weather.
Why are you so dogmatic, they ask
– Elon Musk (@elonmusk) 13 March 2021
Musk’s frequent tweets about Dogecoin are of concern to some in the cryptocurrency community who think they are seriously harming the industry.
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