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Dogecoin listing Coinbase sparks a 20% hike

It seems like Dogecoin is on a roll with no plans to stop anytime soon. On Wednesday, Dogecoin surged over 20% as US-based cryptocurrency exchange Coinbase released a statement mentioning its plan to list the token on its platform. 

Coinbase is a Nasdaq-listed company that has started accepting the inbound transfer of DOGE to Coinbase pro. The trading will begin after 9 am Pacific time (PT) on June 3, Thursday. In a blog post, the crypto exchange mentioned, 

“Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions are met,” 

They continued, “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 fans widely accepted this news as it symbolizes the acceptance of Dogecoin as a crypto token. Coinbase is one of the largest crypto exchanges in the world and listed on the top in the United States. Coinbase Pro is developed for active traders as it provides additional advantages such as lower trading fees. 

Dogecoin is currently only listed at Coinbase Pro, suggesting Coinbase’s aim to push Dogecoin for daily and active trading. 

Dogecoin’s Surge in Price

The altcoin has become extremely popular primarily because of Elon Musk’s regular tweets and support for the currency. After every tweet from Musk, we observe the altcoin rising a little higher. The most significant jump we saw in the price was when Musk tweeted about his plans to fund SpaceX’s next payload mission completely using the coin. 

After the news of Coinbase listing hit the market, DOGE jumped over 20% to $0.39. According to CoinGecko, the token reached a market capitalization of around $51 Billion to become the sixth biggest cryptocurrency in the ecosystem. 

On a year-to-date basis, DOGE has surged about 7000%, with an all-time high of $0.74 on May 8, 2021.  

Jackson Palmer and Billy Markus created Dogecoin as a meme-inspired token. No one could have expected the token to reach such a high as being a meme token inspired by the Shiba Inu dog. This success can largely be attributed to Elon Musk and his tweets. However, with this listing, we are sure that we will see more of DOGE in the future. 

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