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Dogecoin Rockets More Than 25% After Coinbase Gives All-Clear To Cryptocurrency

by : Hannah Smith on : 03 Jun 2021 11:16
Dogecoin Rockets More Than 25% After Coinbase Gives All-Clear To CryptocurrencyPA Images

Dogecoin has surged by 25% after cryptocurrency trading site Coinbase said it would let users buy and sell the meme-based currency on its Coinbase Pro platform.

In the days following the announcement, Dogecoin skyrocketed to a high of around 43 cents, showing encouraging signs of a recovery following a recent dip.

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In a blog post on Tuesday, June 1, Coinbase wrote: ‘One of the most common requests we receive from customers is to be able to trade more assets on our platform.

‘Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro.’

Coinbase will allow Pro users to trade Dogecoin starting June 3 (PA Images)PA Images

The site clarified that during the initial launch Dogecoin would only available on its advanced Pro platform, and would not be tradeable on it’s website or other mobile apps. ‘We will make a separate announcement if and when this support is added,’ they said.

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The price of DOGE soared last night ahead of the currency’s official launch on Coinbase Pro today, June 3.

Like a number of other cryptocurrencies, Dogecoin has suffered from a period of turbulence over the past month or so, with a series of setbacks causing the meme currency to tumble from its May high of 74 cents, CNN reports.

A few days after that peak, the virtual coin crashed after Elon Musk joked that the cryptocurrency movement was ‘a hustle’ on Saturday Night Live, while the wider cryptocurrency market was also hit by concerns over the environmental impact of Bitcoin mining. The volatility surrounding cryptocurrency trading saw Dogecoin bottom out at below 28 cents a fortnight ago, leaving the currency struggling to make it back above 40 cents before Coinbase’s announcement this week.

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Musk has since tried to reassure his followers he’s not taking them for a ride, and following Coinbase’s announcement on Tuesday he once again took to Twitter to repost a couple of Dogecoin memes.

Replying to a tweet from Coindesk about the move, the Tesla co-founder retweeted one of his own tweets from last July, in which he said that Dogecoin’s growing impact on the ‘global financial system’ was ‘inevitable’.

This latest rise suggests the campaign to take Dogecoin ‘To The Moon’ is still going strong. According to stock monitoring site Coindesk, DOGE is currently sitting at around 42 cents, and is up 10% overall on the past 24 hours, leaving its backers optimistic they can put the May volatility behind them.

Featured Image Credit: PA Images

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Topics: Technology, Bitcoin, cryptocurrency, Dogecoin, Elon Musk, Now

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CNN
  1. CNN

    Dogecoin surges after Coinbase says some users can trade it