Dogecoin’s price has jumped by 24 percent so far on Tuesday, from $0.314 at 6pm on Tuesday to $0.390 at the time of writing.
The surge in the meme cryptocurrency was initially driven by leading crypto exchange Coinbase announcing it was adding it to its professional trading platform.
Coinbase Pro members will be able to buy and sell Dogecoin from Thursday.
The crypto exchange wrote in a log post: “Starting today, transfer Doge into your Coinbase Pro account ahead of trading.
“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.”
Coinbase has not yet made Dogecoin available on its main website or in its consumer mobile applications.
The company added there will be a “separate announcement if and when this support is added”.
Tesla boss Elon Musk, a vocal supporter of Dogecoin, celebrated the news of the listing with a post on Twitter.
He shared a meme showing a ‘dogecoin standard’ dust cloud enveloping the ‘global financial system’.
The tech billionaire wrote in the accompanying caption: “It’s inevitable.”
Mr Musk later shared a picture of him “as a child”, which showed a mocked up image of a Shiba Inu dog with computer setup from 1980 in the background.
The caption on the picture reads: “I have to keep my passion hidden from the public or I’ll be socially ostracized.”
Earlier this year, the Tesla boss revealed he had bought some Dogecoin for his baby X Æ A-Xii so that it can be a “toddler hodler”.
Coinbase CEO Brian Armstrong has also been a public advocate of Dogecoin.
During the company’s earnings call on May 13, he said “asset addition is something near and dear” to his heart.
The Coinbase boss references dogecoin as one of the cryptocurrencies that is attracting a lot of attention, while also revealing the company’s plan to list the token within two months.
The surge in Dogecoin is a much-needed boost for the crypto market, with the recent price growth of both Bitcoin and Ethereum slowing to less than two percent over the past 24 hours.
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