The price of dogecoin has shot up by more than 20 per cent after leading crypto exchange Coinbase added it to its professional trading platform.
Coinbase Pro users will now be able to buy and sell the meme-inspired cryptocurrency from 3 June, following numerous calls from the dogecoin community to add it.
“Starting today, transfer Doge into your Coinbase Pro account ahead of trading,” Coinbase wrote in a blog post.
“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.”
Users of Coinbase’s main retail trading platform will still not have access to dogecoin, though cryptocurrencies that are added to Coinbase Pro typically appear on the main app within a few weeks.
This would open up dogecoin to millions more potential investors around the world.
Immediately after Coinbase shared the latest news, dogecoin’s price rose from $0.31 to $0.38 – further boosted by a tweet from Elon Musk of a meme showing a Doge dust cloud taking over the global financial system. The tech billionaire included the caption: “It’s inevitable.”
Dogecoin saw a similar price surge last month when Coinbase CEO Brian Armstrong first announced that the platform would add dogecoin at some point in the future.
Coinbase also announced a tie-up with Apple and Google on Tuesday that will allow customers to add cards from exchange to their Apple Pay and Google Pay accounts.
This will allow users to buy everyday goods with cryptocurrencies like bitcoin, ether and dogecoin through their smartphones, while also earning crypto rewards.
“Using Coinbase Card with Apple Pay and Google Pay makes it even easier to spend and grow your crypto,” Coinbase wrote in a blog post.
“This is just the beginning — we’ll continue to build more ways for you to maximize crypto rewards and easily use crypto in your everyday life.”
Payments through the Coinbase card on the Apple and Google platforms will automatically be converted into fiat currency.
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Cryptocurrencies are a highly volatile unregulated investment product and investing in them could lead to a loss of capital. *No FSCS or Financial Ombudsman investor protection. 67% of retail investor accounts lose money when trading CFDs. *You should consider whether you understand how CFD’s work, and whether you can afford to take the high risk of losing your money.
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