June 4, 2021

Coinbase Gives Away $1.2 Million in Dogecoins

[GO Banking Rates, Getty]

Coinbase, which listed Dogecoin on its platform earlier this week, announced it would be giving away $1.2 million in DOGE “to celebrate.”

“Opt in and then buy or sell $100 in DOGE on Coinbase by 06/10/2021 for your chance to win,” the company said in a blog post about its “Dogecoin sweepstakes.”

IgorIgorevich / Getty Images
IgorIgorevich / Getty Images

Coinbase said that one winner will get $300,000 in DOGE, 10 winners will each get $30,000 in DOGE, and 6,000 winners will get $100 in DOGE by around June 17.

Elon Musk couldn’t help himself and following the announcement, tweeted “nice,” which sent DOGE up. The crypto is around $0.36 this morning and has a total market value of $46 billion, according to CoinMarketCap.

Coinbase explained in its blog post that one of the most common requests the company hears from customers is to be able to buy and sell more cryptocurrencies on its platform.

“We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies,” according to the post.

Dogecoin was created as a joke — its name is a reference to a popular internet meme, according to Coinbase.

“It shares many features with Litecoin. However, unlike Litecoin, there is no limit on the number of Dogecoins that can be produced.” Indeed, unlike Bitcoin, which is designed to be scarce, Dogecoin is intentionally abundant — 10,000 new coins are mined every minute and there is no maximum supply, Coinbase said in the post.

While it has gained incredible traction lately as well as celebrity endorsements, including Mark Cuban and Snoop Dog, just like any other crypto, it’s extremely volatile. If you’re planning on investing in it, you should be ready to stomach wild swings.

By Yaёl Bizouati-Kennedy

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