Dogecoin Surges 25% After Coinbase Announces It Will Begin Listing the Cryptocurrency

Dogecoin jumped by about 25 percent on Wednesday after cryptocurrency trading platform Coinbase announced that it would begin allowing transfers of the popular memecoin on its Coinbase Pro platform.

The digital currency reached a high of about $0.42 USD per coin earlier in the morning, hovering around $0.41 USD by the afternoon. According to Coinbase, the recent movement brought dogecoin’s market cap up to $54 billion USD and has made it the sixth largest cryptocurrency.

The coin’s value hike follows an announcement by Coinbase on Tuesday that it would begin allowing its Coinbase Pro users to transfer dogecoin into their accounts ahead of trading. According to a blog post, support for dogecoin will generally be available in coinbase’s supported juristictions and will commence on Thursday, June 3, pending that liquidity conditions are met.

“One of the most common requests we receive from customers is to be able to trade more assets on our platform,” the company wrote. “Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.”

New assets are rolled onto the site in four phases: Transfer-only, which means customers will be able to transfer the new asset into their Coinbase Pro account but will not yet be able to place orders of the asset; Post-only, which allows customers to post limit orders but there will be no completed orders; Limit-only, which allows limit orders to start matching, but customers are unable to submit market orders; and Full Trading, which opens up the service to allow for limit, market and stop orders.

Coinbase said that once a sufficient supply of dogecoin is established on the platform, trading on its order books will commence in stages.

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” the company said.

Dogecoin is not yet available on Coinbase.com or through its Consumer mobile apps, but the company said it would make a separate announcement if and when the support is added.

The coin was created in 2013 and has been fervently embraced by Tesla and SpaceX CEO Elon Musk. Last month, the coin, along with other major cryptocurrencies like ethereum and bitcoin, took a major hit after China toughened its stance on digital coins.