Co-creator of Dogecoin lashes out at ‘self-absorbed grifter’ Elon Musk over bitcoin stand

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The Independent 14 May, 2021 - 06:34pm 27 views

Who is Elon Musk?

Elon Musk is a South African-born American industrial engineer, entrepreneur, who co-founded Paypal and founded aerospace transportation services company SpaceX. He is also one of the early investors in Tesla, an electric car company, and now the Chief Executive Officer of the firm as well. Business StandardWho is Elon Musk: Latest News on Elon Musk, Top News, Photos, Videos, Age

What is Dogecoin worth?

Dogecoin is currently trading at around 49 cents with a market value of $63 billion, according to CoinMarketCap. CNBCThis 'dogecoin millionaire' refuses to sell and bought during the dip — now his stash is worth $2 million

Is Dogecoin coming to Coinbase?

And Dogecoin Is Coming. ... Indeed, on the earnings call, Coinbase CEO Brian Armstrong said that the company planned to add Dogecoin to its platform in the next six to eight weeks. Barron'sCoinbase Rises as Earnings Look Promising. And Dogecoin Is Coming.

Dogecoin soared more than 40% early Friday after a tweet from supporter Elon Musk and as Coinbase said it would list the meme-inspired cryptocurrency.

The price of dogecoin rose to an intraday high of around 55 cents at 2:30 a.m. ET, according to data from Coin Metrics. It's still down about 18% from a record high of nearly 67 cents only a week ago.

Musk tweeted Thursday that he was working with dogecoin developers to improve the efficiency of transactions.

On Wednesday, the Tesla CEO made a surprise announcement that his electric car firm would stop accepting bitcoin as payment due to concerns over its environmental impact.

That led to a brutal sell-off in cryptocurrencies, including dogecoin. Dogecoin had already fallen significantly after Musk's appearance on Saturday Night Live, in which he called the digital coin a "hustle."

Meanwhile, crypto exchange platform Coinbase said Thursday it would offer dogecoin support in the next six to eight weeks. Many crypto traders have flocked to the zero-fee investing app Robinhood to trade the meme token; now Coinbase's move could lead to more trading activity.

Dogecoin isn't taken very seriously by loyal bitcoin supporters. It started in 2013 as a joke, inspired by the "Doge" meme, but has since found a growing community online. Dogecoin is now the fourth-largest crypto by market value on CoinMarketCap, worth over $69 billion.

Financial experts warn that dogecoin is a highly speculative asset. It has stoked worries over a potential bubble in crypto markets -- though some economists would say all cryptocurrencies are in a bubble.

Last week, Bank of England Governor Andrew Bailey warned crypto investors should be "prepared to lose all your money," echoing a similar warning from the U.K.'s Financial Conduct Authority.

Bitcoin was marginally higher Friday, with the world's biggest digital asset up about 0.3% at a price of $49,052. Ether, the second-biggest cryptocurrency, rose 3.6%, to $3,805.

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