Dogecoin skyrockets 30% after Coinbase announces it will list the cryptocurrency
Coinbase, the largest cryptocurrency broker in the U.S., announced on Thursday (13) that it will start trading Dogecoin (DOGE). That was enough for the cryptocurrency to skyrocket 30% in a few minutes, from $0.38 to $0.50.
Coinbase’s listing of the token – scheduled for the next “4 to 6 weeks,” according to CEO Brian Armstrong in an earning call – could hurt DOGE on the Robinhood mobile trading app. After chasing Robinhood for several weeks, the Coinbase app has overtaken it to become the fourth most popular app on the Apple Store and the third most popular download on Android.
Robinhood, which markets itself as an easy-to-use app for buying stocks and cryptocurrencies, has benefited from Coinbase’s reluctance to add Dogecoin, while fueling demand for the token among retail investors curious about crypto; DOGE is one of seven cryptocurrencies available in the app.
Dogecoin is a meme token, created in 2013 to parody the inherent absurdity of some aspects of cryptoculture. For years, despite its low price of less than a penny, it has remained around as a kind of gift card, often used to channel funds to charities.