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Tesla's Elon Musk Wants Coinbase to Become DOGE-Friendly
A listing on Coinbase would unleash dogecoin to a whole new breed of investor.
Updated Sep 14, 2021, 12:26 p.m. Published Mar 13, 2021, 8:54 p.m.
Tesla CEO and unabashed dogecoin fan Elon Musk wants the Coinbase exchange to end its "No DOGE Allowed" policy and list the meme-based cryptocurrency.
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Musk tweeted an exclamatory "Yes" on Saturday after a Twitter user asked the billionaire investor whether Coinbase should allow the Shiba Inu-represented cryptocurrency on its platform.
A listing on Coinbase would open dogecoin to a whole new breed of investor and thus unleash its potential. That's because the U.S.-regulated exchange is considered synonymous with institutional investors and high-net-worth individuals. Tesla bought bitcoin worth $1.5 billion in February via Coinbase.
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At press time, dogecoin was changing hands near $0.059, representing a 6.7% gain on a 24-hour basis. Prices surged over 600% in January alone and have risen by nearly 1,130% so far this year. Bitcoin, meanwhile, is up more than 100% year to date, according to CoinDesk 20 data.
DOGE adoption has increased over the past few weeks, with the likes of basketball team Dallas Mavericks accepting the cryptocurrency as payment for tickets and merchandise.
Leading sports brand Wooter Apparel and medical supplier CovCare recently announced support for dogecoin as alternative means of payment, as well.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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