Dogecoin price rises on Coinbase Pro listing launch

02 Jun 2021

The Dogecoin price has risen by over 20% after the so-called meme cryptocurrency was added to the Coinbase crypto exchange’s professional trading platform.

Users of Coinbase Pro will be able to buy and sell Dogecoin from 3 June, following calls from the cryptocurrency’s supporters for it to be added.

According to a Coinbase blog post: “Starting today, transfer Doge into your Coinbase Pro account ahead of trading.

“Support for Doge will generally be available in Coinbase’s supported jurisdictions. Trading will begin on or after 9am Pacific Time (5pm BST) Thursday 3 June, if liquidity conditions are met.”

However, users of the exchange’s main retail trading platform still have no access to Dogecoin. Yet cryptocurrencies added to Coinbase Pro are usually added to the principal app a few weeks later.

This would allow access to Dogecoin to millions more potential investors across the globe, reports The Independent.

On the announcement, the price of Dogecoin increased from $0.31 to $0.38. This was boosted further by a tweet from Tesla boss Elon Musk showing a Doge dust cloud taking over the global financial system. Musk stated: “It’s inevitable.”

The cryptocurrency’s price also surged last month when Coinbase CEO Brian Armstrong first unveiled Dogecoin would be added in the future.

Armstrong has publicly showed his support for Dogecoin, saying last month that “asset addition is something near and dear” to his heart.

The price of Dogecoin has soared this year, starting out 2021 with a value of less than a penny, reports Cnet. It has since grown in part to increasing support from Elon Musk, peaking at 72 cents on 7 May ahead of the Tesla CEO’s appearance on Saturday Night Live.