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

Bringing its market cap up to $54 billion USD.

Tech 
5,651 Hypes 1 Comments

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.

Read Full Article

What to Read Next

Dogecoin Surges After Elon Musk Tweets That He's 'The Dogefather'
Tech

Dogecoin Surges After Elon Musk Tweets That He's 'The Dogefather'

Mark Cuban also called the coin “a whole lot better” of an investment “than a lottery ticket.”

Coinbase Partial Outage Occurs Amidst Massive Cryptocurrency Plunge
Tech

Coinbase Partial Outage Occurs Amidst Massive Cryptocurrency Plunge

Ethereum and ERC-20 token withdrawals were also reportedly delayed due to “network congestion.”

Meme-Based Cryptocurrency Dogecoin Surges 822% to Record High
Tech

Meme-Based Cryptocurrency Dogecoin Surges 822% to Record High

Now holding a market value of $7 billion USD.


Bitcoin Spikes to All-Time High of $63,000 USD Ahead of Coinbase Listing
Tech

Bitcoin Spikes to All-Time High of $63,000 USD Ahead of Coinbase Listing

Excitement over Coinbase’s direct listing has boosted cryptocurrency prices.

New Balance 1400 is Revealed With Simple Gray and Cream Color-Blocking
Footwear

New Balance 1400 is Revealed With Simple Gray and Cream Color-Blocking

There’s nothing in your closet that these won’t go with.

Duke's Mike Krzyzewski Plans to Retire After the 2021-2022 Season
Sports

Duke's Mike Krzyzewski Plans to Retire After the 2021-2022 Season

After 42 incredible seasons with the Blue Devils, the legendary coach will be hanging it up.

The Jordan Centre Court Takes on a "Cyber Monday"-Esque Colorway
Footwear

The Jordan Centre Court Takes on a "Cyber Monday"-Esque Colorway

Reminiscent of the popular Air Jordan 1 and Air Jordan 3 “Cyber Monday.”

Watch Billie Eilish's New Music Video for 'Lost Cause'
Music

Watch Billie Eilish's New Music Video for 'Lost Cause'

From her forthcoming album, ‘Happier Than Ever.’

ASICS' GEL-Lyte III OG "Day Lyte Pack" Boasts a Wild Arrangement of Colors
Footwear

ASICS' GEL-Lyte III OG "Day Lyte Pack" Boasts a Wild Arrangement of Colors

Neon green, yellow, oranges, blue and more dress up the classic runner.


HYPEGOLF Invitational Miami Brought Style, Music and More Onto the Golf Course
Sports

HYPEGOLF Invitational Miami Brought Style, Music and More Onto the Golf Course

Debunking centuries-old traditions around the game of golf.

Converse and Alexis Sablone Uplift LGBTQ+ Voices with Limited-Edition Jack Purcell Collaboration
Footwear

Converse and Alexis Sablone Uplift LGBTQ+ Voices with Limited-Edition Jack Purcell Collaboration

Marking the first time the brand has revamped its performance sneaker with Pride symbols.

Diplo and Crocs "Take a Walk on the Weird Side" With Collaborative Classic Clog and Classic Sandal
Footwear

Diplo and Crocs "Take a Walk on the Weird Side" With Collaborative Classic Clog and Classic Sandal

Both styles boast swirled patterns and gigantic, glow-in-the-dark mushroom Jibbitz.

The Jeremy Scott x adidas Partnership Will Return in Fall 2021
Footwear

The Jeremy Scott x adidas Partnership Will Return in Fall 2021

“Partnering again with Adidas feels like a homecoming and I’m thrilled to be home!” said Jeremy Scott.

ASICS Unveils Its Updated NOVABLAST Silhouette
Footwear

ASICS Unveils Its Updated NOVABLAST Silhouette

Arriving as a part of the brand’s BLAST BEYOND SERIES.


More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.