Dogecoin surged over 35% on Wednesday after US-based crypto exchange Coinbase announced on Tuesday it is listing the Shiba Inu meme inspired currency on its professional trading platform.
Coinbase Pro said in a blog post that users could transfer DOGE into their professional trading accounts, with trading expected to launch “on or after 9 am Pacific Time (PT) Thursday, 3 June, if liquidity conditions are met.”
Dogecoin’s price appears to have spiked reacting to the announcement, trading at about 43 cents at the time of writing, commanding market capitalization of around $53.9 billion and is the sixth biggest cryptocurrency in the world by market capitalization.
The token has surged nearly 7,000% since the turn of the year peaking at $0.73 on 8 May 2021, many of the recent price pumps have been attributed to Tesla and SpaceX CEO, Elon Musk cheerleading tweets.
DOGE is not yet available on its retail trading platform or via its consumer mobile apps, the exchange typically adds cryptocurrencies to its retail platform a few weeks after first listing on the professional version.