Coinbase, the popular and large cryptocurrency trading site, has issued the announcement via blog post that the former meme currency, Dogecoin, would be going live and actually launching on Coinbase Pro.
“Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro. Trading will begin on or after 9am Pacific Time (PT) Thursday June 3, if liquidity conditions are met,” stated Coinbase in its release. “Once 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.”
The creators of Dogecoin, Bill Markus and Jackson Palmer, made the coin as a joke back in 2013 that was based on the Shiba Inu dog from the “Doge” meme and promoting the coin as the “fun and friendly internet currency.” Despite its start as a joke and a meme, Dogecoin itself has risen in power and popularity among other cryptocurrency coins and enthusiasts. This has lead to a jump in the price of the coin of around 6,000% per year, but currently, it is sitting at around 50% of its past high of 72 cents that seen this past May.
Coindesk stated that “[w]hile the blog post did not announce whether Coinbase would add the cryptocurrency to its retail trading platform and mobile app, the publicly traded crypto exchange typically adds cryptocurrencies to its retail platform a few weeks after first listing on the professional version.”
The leading factor behind the unstable and turbulent price for Dogecoin is Elon Musk, CEO of Tesla and SpaceX. Musk is a proud and outspoken fan of the coin, and he responded to the coin by sharing a meme from June of 2020 of a “dogecoin standard” sandstorm blowing down over the global financial system.
— Elon Musk (@elonmusk) June 1, 2021
After Elon Musk’s Twitter reaction to the news breaking about Dogecoin, “Dogecoin rallied more than 20% Wednesday morning,” reported Forbes, who went on to add that “The exchange’s announcement spurred a flurry of interest in the meme cryptocurrency, as did tweets from Tesla CEO Elon Musk, who regularly moves crypto markets with his social media activity.”
This definitely is not the first time we have seen Elon Musk have a real impact on the market for cryptocurrency. For example, many of the investors in the coin watched his cameo on Saturday Night Live back in May to see if he would make mention would of the meme coin.
During the show, Musk took part in a segment on SNL’s “Weekend Update” as a financial expert “Lloyd Ostertag” to talk about cryptocurrency. Speaking with Michael Che, Musk admitted that Dogecoin was a “hustle.”
Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj
— Saturday Night Live – SNL (@nbcsnl) May 9, 2021