Tesla Inc (NASDAQ: TSLA) CEO Elon Musk supported the activation of Coinbase Dogecoin (CRYPTO: DOGE) on its weekend trading platform.
What happened: The entrepreneur’s support came in the form of an answer to a question asked by a Twitter user.
Yea!
– Elon Musk (@elonmusk) March 13, 2021
$ 1.5 billion from Tesla Bitcoin The purchase (NASDAQ: BTC) was facilitated by Coinbase, which will soon be made public, according to Block.
BTC has traded 1.2% lower at $ 60,266.12 to date. The top cryptocurrency reached its highest record of $ 61,683.86 on March 13.
Why does it matter: Musk did a series of tweets about DOGE this weekend. Tesla’s chief executive revealed that he was planning to buy a Shiba Inu dog, a breed native to Japan and mascot of the meme cryptocurrency.
I’m getting a Shiba Inu #resisting is useless
– Elon Musk (@elonmusk) March 14, 2021
Although the price of DOGE exceeded $ 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 too: Elon Musk involuntarily sends cryptocurrency ‘Marscoin’ firing 1,800% with a tweet
DOGE has traded 1.45% lower, at $ 0.59 so far. The SHIB was traded 286.45% higher at $ 0.0000000823.
Musk made other references to DOGE – which apparently referred to the 1975 film “Dog Day Afternoon”, based on a bank robbery.
Origin of Doge Day Afternoon:
The ancient Romans sacrificed a Dogecoin at the beginning of the Doge Days to appease Sirius’ anger, believing that the star was the cause of the hot, muggy climate.
Why are you so dogematic, they ask
– Elon Musk (@elonmusk) March 13, 2021
Musk’s frequent tweets on Dogecoin worry some in the cryptocurrency community, who think they are doing serious damage to the industry.
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