The price of Dogecoin jumped Wednesday after cryptocurrency exchange Coinbase (COIN) said trading of the meme-based, Elon-Musk-boosted digital asset could begin trading on its platform as soon as Thursday.
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The announcement, which the top U.S. cryptocurrency exchange made on Tuesday, is the latest sign of acceptance for a cryptocurrency that started as a joke. Dogecoin — which was started in 2013 and named after the Shiba Inu meme — rose 27% to 41 cents.
“Starting Today Tuesday June 1, transfer DOGE into your Coinbase Pro account ahead of trading,” Coinbase said 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 (PT) Thursday June 3, if liquidity conditions are met.”
Coinbase said that Dogecoin wasn’t yet available on Coinbase.com or its mobile apps.
“We will make a separate announcement if and when this support is added,” the exchange said in the blog post.
Coinbase, during its earnings conference call last month, said it would begin allowing trading of Dogecoin in the weeks ahead.
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Price Of Bitcoin Follows Price Of Dogecoin
The price of Bitcoin was up 1.2% to $37,467. Ethereum, another cryptocurrency, rose 3.8% to $2,726. Coinbase stock added 1.3% in the stock market today. The Grayscale Bitcoin Trust (GBTC) rose 4.7%. Marathon Digital (MARA), which said Wednesday that its Bitcoin production jumped 40% in May vs. April, rose 0.3%.
The price of Dogecoin spiked earlier this year, amid a broader interest in digital assets. Musk, the CEO of Tesla (TSLA), has also begun tweeting support for the cryptocurrency, along with an assortment of memes. However, the cryptocurrency fell hard after it came up during Musk’s appearance as the host of Saturday Night Live last month.
Musk, not long after Coinbase made the announcement about listing Dogecoin, tweeted yet more Dogecoin memes. One of those quoted a tweet he posted last year that said Dogecoin’s disruption to the financial system was “inevitable.”
Last month, Musk also tweeted he’s working with Dogecoin developers “to improve system transaction efficiency. Potentially promising.”
The price of Bitcoin has risen over the past year as the coronavirus weakened the dollar and prompted an interest in alternative currencies and digital assets. Tesla bought $1.5 billion in Bitcoin, and later allowed customers to buy its electric vehicles using the cryptocurrency.
However, Musk last month said Tesla would suspend those Bitcoin purchases, citing energy-consumption concerns. Later in the month, he tweeted that he spoke with Bitcoin miners about the issue.
Shortly after that tweet, Michael Saylor, the CEO of business analytics platform Microstrategy (MRST), said he hosted a meeting between Musk and “leading Bitcoin miners in North America.” He said the miners agreed to form the Bitcoin Mining Council to “promote energy usage transparency & accelerate sustainability initiatives worldwide.”
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