Coinbase finally got listed on the Nasdaq exchange today and crypto prices are up positively.
Typically, there is a relationship — usually an inverse relationship — between traditional stocks and crypto assets, with one market gaining when the other market falls.
But every once in a while, wins in one breed wins in the other.
This is happening today as Coinbase’s public listing has caused all major cryptocurrencies traded on the platform to approach – and in some cases even surpassed – their all-time highs.
This has been the reality for both Bitcoin and Ethereum, and it’s also happening to current crypto darling Cardano (ADA), which we expect the top online sportsbooks to eventually expand their gambling banking options.
However, there is another major mover in – and out of – the cryptocurrency market, and that is billionaire cult leader Elon Musk.
More than anyone else on the planet, Musk literally impacts crypto profits with a thumbs-up.
Every time the world-class pseudo-scientist and flimflam man announces his support for a crypto-asset, that asset immediately surges.
Sometimes it doesn’t even need an actual announcement.
Yesterday, the Chairman and CEO of Mars™ himself tweeted an animated GIF of a grinning dog in reference to Dogecoin (DOGE), and this — far more so than Coinbase’s public listing (just don’t call it a Coinbase IPO) — seems like it to be, which has led to a massive profit for the so-called “Memecoin”.
While the tweet in question appears to have been removed (which Musk dogecoin MO may or may not be on Twitter), here’s a screenshot:
By and large, Dogecoin is not considered the best-performing investment-grade cryptocurrency. It’s not Bitcoin or Ethereum or Litecoin or Cardano. It’s not even Ripple or Stellar.
But it’s quite unique in the space and lends itself to some serious intrigue.
See, there aren’t many memecoins to speak of, and given the recent NFT trend (which is almost entirely populated with memes), the dogecoin market might be content with that status, regardless of whether the platform has convincing smart contract integration and other marketable ones Kryptos achieved or not characteristics.
The meme itself might suffice.
For existing Dogecoin hodlers, the meme is definitely enough as Musk’s tweet – and to a lesser extent today’s Coinbase news – sent the Dogecoin price from $0.0759 to $0.1416.
That’s a net gain of nearly 87% in 24 hours, and DOGE is up over 142% week-on-week.
Many of the top legit sports betting sites operating overseas regularly offer Elon Musk betting odds on Tesla stock performance and production milestones, SpaceX stock performance and go-to-market successes, the Hyperloop scam and so on.
Unfortunately, DOGE value odds are not listed at this time, but if the gains continue beyond today’s pump, it wouldn’t be a surprise to see them on various websites’ financial betting portals.
Given Dogecoin’s meme status, you might even find odds in these sites’ entertainment betting categories.
For now, of course, your best bet is crypto in general, or Dogecoin in particular. The payout could be incredible if you buy some of the stuff and ride the wave.
On the downside, a dip could also be coming, but crypto’s typical long-term upward mobility makes any popular coin — even if it’s a gimmick with no practical applications — as close to a conspicuous proposition as anything you can do. can be found on the sports betting boards.
Bow wow wow, yippie yo, yippie yay, doggy coins in the… general environment!
Source: Benzinga News