Elon Musk’s favourite token, Dogecoin, experienced a surge after being listed on coinbase. Doge surged by 40% from its initial price. This move by Doge attracted whales who had earlier deserted Doge after the disappointing outcome of the Saturday Night Live where lots of Doge investors and hodlers were hopeful that Elon Musk would promote the coin.
The recent Coinbase listing may be the fallout of Elon Musk’s return to promoting the coin. In one of his tweets last month, he said he was looking to partner with investors who would find a relevant use case for Doge since it is a meme coin. Perhaps it may be that Tesla would begin to accept Dogecoin as payment for their electric vehicles following the news that Tesla would no longer accept Bitcoin as payment for their products. That would certainly be one hell of a use case.
Doge’s recent metrics reveal that the amount traded across the blockchain on Thursday amounted to over $47 billion, which is an astronomical increase of 690% on the figure from a few days into this week.
Doge’s Price is Affected by Coinbase Pro’s Listing
The listing on Coinbase Pro was billed for the 1st of June following Coinbase’s notice that it would begin to accept Doge deposits. Trading on the exchange commenced two days after, (June 3rd).Trading began on Thursday across five pairs, and on Friday morning, DOGE/USD had become the fourth most traded pair trailing behind Ethereum (ETH), Bitcoin (BTC) and Polygon (MATIC).
The volume of trades on Doge recorded in the past 24 hours on Coinbase sums up to $185 million according to the market data obtained from public sources. Within the same period, Doge’s price dropped by 18% from $0.43 to $0.36 after Coinbase opened it up for trading. The average transaction value on Doge spiked by 449%, surging from $313,000 to over $1.7 million while processed transactions remained at a steady level. A similar increase was observed some days before the 4/20 day, on which a number of traders on Reddit collaborated to increase the Doge’s price to $0.420. Same thing was also observed during the market surge at the beginning of May.
Fluctuations on a coin price also affect the stats on blockchain usage. High variation in the blockchain’s activities are normal, thus, it is not difficult to know what they represent. The data on Bitnfocharts.com indicate that the dollar worth of coins transacted on the blockchain in the space of five days surged to $47.5 billion from $6 billion. That is a whopping 690% increase.
100 Dogecoin wallets are currently hodling 67% of the coin’s supply, which is an increase by 38% on 2018’s figure where the top 100 wallets were hodling a bit under half of the coin’s supply. At present, 80% supply of Doge is held by 565 wallets. The distribution data on Doge show that only a few addresses are moving their coins from wallets to same and to exchanges as well. Though during periods of volatility, more transfers are observed.