Dogecoin spikes over 20% after Coinbase lists token on its professional platform

The Shiba Inu-based meme currency, dogecoin, surged over 20% on Wednesday after US-based crypto exchange Coinbase said it is listing the token on its professional platform.

The Nasdaq-listed company has started accepting inbound transfers of dogecoin (DOGE) to Coinbase Pro. “Trading will begin on or after 9 am Pacific Time (PT) Thursday, 3 June, if liquidity conditions are met,” the crypto exchange said in a blog post.

“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,” the exchange said.

Coinbase is one of the biggest cryptocurrency exchanges in the world, and the first one to list in the US. The company had listed at $381 on 15 April but has since seen its share price falling to $238 level as on 1 June.

The professional platform called Coinbase Pro is more suited for active traders. DOGE is not yet available on or via its consumer mobile apps.

Reacting to the listing, DOGE jumped more than 20% and was trading 21.2% higher at $0.39% at around 2.45pm IST, as per CoinGecko. It commanded a market capitalization of around $51 billion and was the sixth biggest cryptocurrency in the world.

On a year-to-date basis, the token has surged nearly 7,000%. DOGE had its all-time high of $0.73 on 8 May 2021, fuelled by positive tweets by Tesla chief Elon Musk.

Dogecoin was created by Billy Markus and Jackson Palmer as a joke or a meme in comparison with bitcoin, when there was a lot of hue and cry about digital assets in 2013. Just like bitcoin, dogecoin enables peer-to-peer transactions across a decentralized network. Thanks to the retail-investor-fuelled frenzy, dogecoin hit its all-time high of $0.73 to become the fourth-biggest cryptocurrency in the world with a market capitalization of nearly $90 billion.

Dogecoin came into the limelight after Tesla Inc. chief executive Elon Musk tweeted “It’s inevitable”, along with the picture of the meme cryptocurrency in July 2020. The major rally started in late January this year on speculative trading by retail investors after it got attention from users on the Reddit message board.

In India, DOGE can be traded on platforms such as CoinDCX, WazirX and CoinSwitch Kuber

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