The meme-based cryptocurrency Dogecoin jumped nearly 15% on Tuesday after Coinbase Pro announced support for DOGE. The US-based crypto exchange giant announced yesterday that the inbound transfers of Dogecoin are now available in the company’s supported jurisdictions. According to an official announcement, the trading of Dogecoin will start on 3 June 2021 at 9 am Pacific Time, subject to liquidity conditions. The cryptocurrency that was created as a joke now has a market capitalization of over $48 billion.
Dogecoin’s price rises after Coinbase announcement.
Dogecoin witnessed a 15% spike in its price following Coinabse’s announcement. The meme-based cryptocurrency is currently changing hands at $0.369 with a market cap of more than $48 billion. “Once a 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,” Coinbase mentioned in the announcement. DOGE saw significant growth this year in terms of price and adoption. Several well-known organizations worldwide, including NBA Team Dallas Mavericks and Latvia’s airBaltic started accepting Dogecoin as a mode for payments.
Dogecoin is now more valuable than XRP.
Despite gaining so much exposure, DOGE remained extremely volatile this year as the world’s 6th largest cryptocurrency price touched a high of $0.72 and a low of $0.26 within two weeks of May 2021. Commenting about the latest volatility in Dogecoin, Brian Brooks, former Acting Comptroller of the Currency at the US OCC and current CEO of Binance US, said: “What we don’t want is a panic over Dogecoin prices to kill bitcoin or eth or some of the fundamental innovations that are going on here.” The cryptocurrency that started as a joke is now more valuable than XRP, Polkadot, Chainlink, and Bitcoin Cash.