Dogecoin increased sharply after listing on Coinbase Pro

According to Coin Desk data on June 2 (Vietnam time), the price of Dogecoin increased 31% from a day earlier to $0.42/dong. The market capitalization of the coin reaches more than 53 billion USD. Since the beginning of the year, Dogecoin - the coin that was born as a joke - has increased in price by 8,400%.

Dogecoin price surged after cryptocurrency exchange Coinbase accepted Dogecoin. From June 1, the exchange will provide Pro users with the option to trade Dogecoin.

Coinbase is one of the largest cryptocurrency exchanges in the world. Pro Services is designed for professional traders.

Investors can now also buy Dogecoin on the Robinhood app or through the Gemini exchange.

Coinbase CEO Brian Armstrong also publicly endorsed Dogecoin. During a meeting in mid-May, Mr. Armstrong described bringing Dogecoin to Coinbase as his "great heart's desire".

Dogecoin has surged in price over the past 12 months thanks to supportive tweets from Tesla CEO Elon Musk. In mid-May, billionaire Musk tweeted that he was working with Dogecoin developers "to improve the efficiency of transactions on the system".

He also announced that SpaceX has signed a contract to launch satellites to the moon and accept Dogecoin as a payment method.

Isabella Humphrey

Update 02 June 2021