Dogecoin leaps 41% as Coinbase Pro network begins to accept transfers of the meme currency
- Dogecoin jumped 41% to $0.42 after Coinbase Pro began to accept transfers of the cryptocurrency.
- The exchange said it could allow users to trade doge as soon as this Thursday.
- Dogecoin has lost nearly half its value since its peak last month but is up 7260% in 2021.
Dogecoin jumped as much as 41% in the last 24 hour period to $0.4446, the highest point in nearly two weeks, as Coinbase Pro opened up to the meme cryptocurrency.
The cryptocurrency exchange announced on Tuesday it is allowing its Pro users to transfer dogecoin into their accounts. Pro users will be able to trade dogecoin on or after 9 a.m. PT on Thursday if liquidity conditions are met, according to a Coinbase blog post.
The Coinbase Pro account is a free account designed for more experienced traders and offers advanced charting and analytical tools. Dogecoin is not yet available on Coinbase.com or via the consumer mobile apps. The exchange said it would make a separate announcement if and when that support was added.
A new tweet from Elon Musk also added to doge's rally. At roughly 3:30 am ET Musk tweeted a picture of the doge shiba inu sitting in front of a computer with the quotation "I'll have to keep my passion hidden from the public or I'll be socially ostracized." Musk joked that it was a picture of him as a child.
Dogecoin was trading above $0.42 as of 9:35 a.m ET Wednesday, according to CoinMarketCap. It has fallen significantly from its all-time high above $0.73 reached last month, but it's still up nearly 7,260% year-to-date. The cryptocurrency which began as a joke, is currently the sixth largest cryptocurrency in the world, with a market capitalization of over $54 billion.