The altcoin price began to rise sharply on Friday night. This happened against the backdrop of two positive factors.

On the night of May 14, the Dogecoin rate on the Binance crypto exchange began to rise sharply. Since then, the token has risen in price by almost 50%. As of 10:00 Moscow time, the cryptocurrency is trading at $ 0.56. It rose again to the fourth line in the list of the largest cryptocurrencies in terms of capitalization, ahead of XRP.

The altcoin price began to rise rapidly after Coinbase announced its listing. Dogecoin will be added to the first publicly traded crypto exchange in 6-8 weeks. In its first quarter 2021 financial report, Brian Armstrong, CEO of the marketplace, added that she plans to revise her policy and start adding assets that have just been issued and have no trading history.

Also, the growth of Dogecoin could be influenced by a tweet from the head of Tesla and SpaceX Elon Musk. He tweeted that he is working with the project's developers to improve the transactional efficiency of the system. These words were criticized. For example, Blockstream CEO Adam Back pointed out that the Dogecoin network has been out of service for years and is a joke based on an outdated version of bitcoin with vulnerabilities.

Source: RBK