After Coinbase said Tuesday that it would support dogecoin trading, Mr. Musk reshared a July 2020 meme showing the cryptocurrency subsuming the global financial system, with the comment, “It’s inevitable.” He also suggested that he planned to adopt a Shiba Inu—the Japanese dog breed that inspired the doge meme and dogecoin—later this year.
His support of cryptocurrencies has won him fans in the community, especially with dogecoin supporters who have cheered it “to the moon,” but also sparked backlash when his comments led to steep losses for individual investors.
Mr. Musk’s prolific tweeting has also irked officials at the Securities and Exchange Commission, as it can move Tesla’s stock. Securities regulators told the electric-vehicle company last year that Mr. Musk’s use of Twitter had twice violated a court-ordered policy requiring his tweets to be preapproved by company lawyers, according to records obtained by The Wall Street Journal.
Mr. Musk’s comments can frequently range far beyond Tesla and cryptocurrencies and hold sway over other corners of the market, too. On Wednesday, shares of Samsung Publishing Co. Ltd., which owns a stake in the producer of “Baby Shark,” climbed over 6% in South Korean trading after Mr. Musk tweeted the viral children’s song with a note saying, “Baby Shark crushes all! More views than humans.”
Trading in dogecoin could begin on Coinbase at noon ET on Thursday, the company said. But that is if customers transfer their holdings of the token to Coinbase Pro to generate ample ability to buy or sell the assetFor now, dogecoin won’t be available on Coinbase’s general investment platform, which has a simpler interface, is aimed at newer investors and offers fewer trading options.
Gains in other cryptocurrencies were more muted on Wednesday, with bitcoin up 3.9% from its 5 p.m. ET Tuesday level to $37,738.98, while ether rose 5.7%.