DOGE descending after Coinbase trading start

The rumor mill has boiled down, the bull feed has been prepared: Coinbase will start Dogecoin trading on June 3rd. The DOGE course reacts accordingly.

After the US crypto exchange Coinbase started trading Dogecoin on June 3, the DOGE price began to decline. At the time of going to press, DOGE is trading at $ 0.394 – almost 10 percent lower than 24 hours ago.

Dogecoin rate (in USD) over the course of the week. Source: BTC-ECHO.

Since June 1, it has been possible to deposit DOGE on wallets at Coinbase Pro. Trading began on June 3 at 6:00 p.m. CET. Coinbase Pro spread the good news for friends of the meme coin on June 1st at around 9:00 p.m. via tweet.

Dogecoin enthusiast Elon Musk, of course, insists on surfing the new Doge wave, which, for once, he didn’t trigger himself. Musk steered on Twitter fresh material for the bottomless barrel of Dogecoin memes. A supposed “childhood picture” shows computer hardware from the 80s and Dogecoin’s heraldic animal, a Shiba Inu. On the photo you can see the lettering: “I have to hide my passion from the public so as not to be socially excluded”.

Grayscale CEO warns of Dogecoin hype

Meanwhile, not everyone looks so uncritically at the cryptocurrency, which was once thought of as fun. Barry Silbert, CEO of Grayscale and Coindesk parent company Digital Currency Group, suggested a Dogecoin bubble at the end of May.

I’m really excited to see what DOGE can become over time. It certainly won’t go away and has one of the most passionate communities around. But it’s not worth $ 37 billion. Sorry

Silbert of the Doge community pours water into the wine. Silbert thinks a market capitalization of under $ 1 billion is appropriate for Dogecoin – a fraction of the current $ 50 billion. He justifies this with the fact that the Dogecoin offers too little use to justify such a high market capitalization.

If the entire value of something comes from a collective belief – and not from utility or utility – then that thing is overrated. There’s another name for it, but I’ll leave that because I know it [Dogecoin] wasn’t created for that purpose or why most people loved it early on (like me),

argued the Grayscale CEO to Dogecoin creator Billy Markus.

If you want to add Dogecoin to your portfolio, you can buy DOGE on eToro. You can find the test and experience report of the online broker here.

This post contains affiliate links that help us to continue to offer our journalistic content free of charge. If you make a purchase via one of these links, BTC-ECHO receives a commission. This does not affect editorial decisions.

Source link

Leave a Comment