Dogecoin Price Goes Up 16% Amid Coinbase Listing News

Dogecoin, a meme-based cryptocurrency popular among retail investors, surged on Wednesday, benefiting from news that digital asset exchange Coinbase will make the crypto unit available to its users on its trading platform.

The price of dogecoin has jumped by about 16 per cent after Coinbase added the meme crypto to its professional trading platform called Coinbase Pro.

Support for the sixth-largest cryptocurrency will be available in all of the crypto exchange’s supported jurisdictions. Trading will begin on June 3rd, on or after 9 AM Pacific time once liquidity conditions are met. However, users of the main Coinbase platform will still not have access to it.

The token’s value to jump from $0.31 to $0.38, and it was boosted further by a tweet from Elon Musk – once again showing the fragility of crypto, being able to be influenced by one man’s click of a smartphone.

Coinbase adds that users can trade DOGE against Bitcoin and Tether and three fiat currencies – the US dollar, the euro and the sterling pound (GBP).

“Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading.”

Dogecoin has been one of the most controversial crypto assets amid its meteoric ascent into the top ten. The altcoin, which started as a joke in 2013, has received support from Tesla CEO Elon Musk who unveiled a mission to the moon that will be paid for using DOGE. Billionaire and Shark Tank star Mark Cuban is also supporting DOGE by accepting the meme crypto asset as a payment option for Dallas Mavericks game tickets and merchandise.

The Dogecoin listing comes weeks after Coinbase CEO Brian Armstrong announced the crypto exchange’s plans to accelerate the process of adding support of new coins in the company’s first quarter earnings call.

At time of writing, DOGE is trading at $0.41, up nearly 16% in the last 24 hours, according to CoinMarketCap.