Dogecoin (DOGE), Tesla billionaire Elon Musk’s favourite cryptocurrency, pushed back above the $0.4 level on Wednesday 2 June, recording a 24-hour gain of over 30% (as of 14:20 UTC). The meme cryptocurrency attracted increased attention from traders after popular crypto exchange Coinbase announced that it would make Dogecoin available to its clients.
Dogecoin will initially be available only on the professional trading platform CoinbasePRO, starting this week, but this is usually the first step before a full Coinbase listing. This move is expected to widen the base of potential buyers for the popular cryptocurrency.
Dogecoin transactions jumped by 270% in the last 24 hours to $11.3bn, making it the third-most traded crypto asset after bitcoin and Ethereum, according to data from Coinmarketcap.com.
From joke to worldwide phenomenon
Dogecoin was launched in 2013 as a joke by two software engineers, who used a popular dog meme to parody the proliferation of cryptocurrency altcoins. This year, dogecoin took everyone by surprise with its rapid evolution as it climbed from less than 0.5 cents to near 75 cents on 8 May.
The evolution was initially boosted by strong support from individual traders grouped on Reddit forums – the same ones who recently made national news by pushing up AMC and GameStop shares.
However, dogecoin turned into a worldwide phenomenon after getting billionaire Elon Musk’s endorsement. The Tesla and SpaceX founder even had a dogecoin sketch in his Saturday Night Live appearance in early May, and helps to keep the hype surrounding dogecoin high through his Twitter posts.
Dogecoin is currently trading more than 80 times higher than in early January, although it is still about 44% below its all-time high.