On Saturday, Musk tweeted an exclamatory “Yes” after a Twitter user asked the billionaire investor whether Coinbase should enable the Shiba Inu-represented cryptocurrency on its platform.
As reported by Coindesk, a listing on Coinbase would expose dogecoin to a whole new breed of investor, therefore, unleash its potential. That’s because the U.S.-regulated exchange is considered synonymous with institutional investors and high net worth individuals.
At the time of writing this report, dogecoin is changing hands near $0.059, showing a 6.7% gain on a 24-hour basis. In January, prices surged over 600% and have risen by roughly 1,130% so far this year. At the same time, bitcoin is up more than 100% on a year-to-date basis, according to CoinDesk 20 data.
Over the last few weeks, DOGE adoption has increased with the likes of basketball team Dallas Mavericks accepting the cryptocurrency as payment for tickets and merchandise.
Recently, leading sports brand Wooter Apparel and medical supplier CovCare announced support for dogecoin as alternative means of payment as well.