Coinbase was finally listed today on the Nasdaq stock market, and crypto prices have been positively surging.
Typically, there’s a relationship – usually an inverse relationship – between traditional stocks and crypto holdings, with one market gaining whenever the other market dips.
But every so often, gains on one beget gains on the other.
That’s happening today, as Coinbase’s public listing has caused all the major cryptocurrencies traded on the platform to approach – and in some cases exceed – 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 best online sportsbooks will eventually add to their gambling banking options.
However, there’s another big mover and shaker in – and of – the cryptocurrency market, and that’s billionaire cult leader Elon Musk.
More than anyone else on the planet, Musk influences crypto gains at the literal drop of a thumb.
Anytime the world-class pseudoscientist and flimflam man announces his support for a crypto asset, that asset spikes immediately.
Sometimes, it doesn’t even take an actual announcement.
Yesterday, the Chairman and CEO of Mars™ himself tweeted out an animated GIF of a grinning dog in reference to Dogecoin (DOGE), and this – far more so than the Coinbase public listing (just don’t call it a Coinbase IPO) – seems to be what’s led to a massive gain for the so-called “memecoin.”
While the tweet in question appears to have been taken down (which may or may not be the Musk-Dogecoin MO on Twitter), here’s a screen grab:
In the grand scheme, Dogecoin isn’t considered a top-performing investment-grade crypto. It’s not Bitcoin or Ethereum or Litecoin or Cardano. It’s not even Ripple or Stellar.
But it is fairly unique in the space, and lends itself to some serious intrigue.
See, there aren’t many memecoins of note, and given the recent NFT trend (which is populated almost entirely with memes), the Dogecoin market might be satisfied with that status whether or not the platform achieves compelling smart contract integration and other marketable crypto features.
The meme itself might be enough.
For existing Dogecoin hodlers, the meme is definitely enough, as Musk’s tweet – and, to a lesser extent, today’s Coinbase news – has taken the Dogecoin price from $0.0759 to $0.1416.
That’s a net gain of almost 87% in 24 hours, and DOGE is up over 142% week over week.
Many of the best legal sports betting sites operating overseas consistently offer Elon Musk betting odds related to Tesla stock performance and production milestones, SpaceX stock performance and launch successes, the Hyperloop scam, and so on.
Unfortunately, there are currently no DOGE value odds listed, but if the gains continue beyond today’s pump, it wouldn’t be a surprise to see these on various sites’ financial betting portals.
Given Dogecoin’s meme status, you might even find odds within theses sites’ entertainment betting categories.
For now, of course, the best bet you can make is on 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 other hand, a dip could be coming, too, but crypto’s typical long-term upward mobility makes any popular coin – even if it’s a gag with no practical applications – something as close to a can’t miss proposition as anything you’ll find on the sports betting boards.
Bow wow wow, yippie yo, yippie yay, doggy dog coin’s in the…general vicinity!
Source: Benzinga News