Coinbase Global Inc (COIN)

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Coinbase Co-Founder Says Don't Be Quick To Dismiss Dogecoin. A 'Good Meme' Can Manifest Into 'Concrete Progress'

by Madhukumar Warrier
June 15, 2021 11:41 pm

Coinbase Co-Founder Says Don't Be Quick To Dismiss Dogecoin. A 'Good Meme' Can Manifest Into 'Concrete Progress'

Cryptocurrency exchange Coinbase Global Inc.’s (NASDAQ:COIN) co-founder Fred Ehrsam feels that a “good meme” like Dogecoin (DOGE) should not be dismissed quickly as it could later manifest into more “concrete progress.”

What Happened: “If crypto has taught us anything, it’s never to dismiss a good meme that could later manifest into more concrete progress,” Ehrsam said in an interview on Bloomberg TV.

Ehrsam was responding to a question on whether he believes Dogecoin is a “hustle.” The meme cryptocurrency made its debut on Coinbase earlier this month.

Ehrsam also believes that crypto is the next “internet-sized” opportunity for the U.S. and it has the potential to create “as many if not more” jobs than the Internet.

“I think it has the potential to square the circle on the privacy internet issues that we have been talking about with big tech companies for the last 10 years,” Ehrsam said.

Why It Matters: Created as a joke in 2013, Dogecoin has shot to prominence this year. The meme cryptocurrency is now the sixth-largest cryptocurrency by market cap and its year-to-date gains stand at 6,579.06%.

However, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s tweets on Dogecoin sometimes have an overwhelming impact on the price of the cryptocurrency. During his appearance on Saturday Night Live last month, Musk had referred to the altcoin as a “hustle,” causing the Shiba Inu-themed cryptocurrency to spiral downward.

On Tuesday, Dogecoin co-founder Billy Markus said that the success of the meme cryptocurrency depends on contributions from Dogecoin holders in several ways, including “making memes” and “contributing to good causes.”

Price Action: Dogecoin is down 3.2% during the past 24 hours and is trading at $0.3160 at press time.