DOGE Jumps 30% On Coinbase Listing Announcement: Price Analysis

DOGE jumps 30% on the Coinbase listing announcement as the exchange said it will list it soon and will cash In on its popularity as we can see more in our latest Dogecoin news today.

Cryptocurrency prices were down over the past few days especially for DOGE but the US crypto exchange Coinbase announced today that it will allow trading on the token soon. DOGE crashed for as low as $0.38 at one point and it is now going for $0.50 across exchanges where it listed including FTX, Kraken, and Binance.

Coinbase could list it in the next 4 to 6 weeks according to CEO Brian Armstrong as he said during an earnings call, and said it could cut into mobile trading app Robinhood’s DOGE business. After chasing down Robinhood for a few weeks, Coinbase overtook it and became the fourth most popular app on the Apple store and the third-most-popular Android download. Robinhood markets itself as an easy-to-use app for buying stocks and crypto which benefited from Coinbase’s reluctance to add Doge. The app also fueled the demand for the token among crypto retail investors as now the coin has become one of the seven cryptocurrencies available on the app.

Dogecoin is a joke coin that was created in 2013 as a tribute to the Shiba Inu DOGE meme and to parody the internet’s absurdity in the crypto culture. For years, despite the low prices of less than a penny, the coin was stuck around as a sort of a tipping token and was used to funnel the funds to charities. Thanks to the fans and supporters but also thanks to Elon Musk, Tesla’s CEO, Dogecoin started gaining traction as a speculative investment. Since the start of the year, it increased in price by more than 4800% and propelled it to a market capitalization above $60 billion and now DOGE jumps 30% on the listing news.

The upwards trajectory came in a series of plateaus because at first, it stayed in the $0.04 to $0.08 range from the start of February to April. After that, it broke the $0.25 barrier, and speculators pinned their hopes for the coin that catapulted over the $1 mark when Musk hosted a Saturday Night Live a few days ago. However, the high water for the token came before the SNL show when it reached $0.69. Musk’s performance prompted some holders to cash out and drove the price down to $0.43 so the coin has been struggling to get back on its feet ever since.

Source: https://www.dcforecasts.com/dogecoin-news/doge-jumps-30-on-coinbase-listing-announcement-price-analysis/