Last week, the entire cryptocurrency industry was experiencing an overall downfall in terms of price and market capitalization. While the entire crypto-industry struggled, all of a sudden, the price of Dogecoin (DOGE) started experiencing a surge.
According to the reports, the price of Dogecoin (DOGE) started gaining increase and its price surged by 40% on Wednesday, June 2. While some tried to figure out what exactly led to the exchange gaining a price surge, the majority of the investors and analysts knew what had happened.
Many claimed that the surge in the price of Dogecoin (DOGE) was due to its recent listing on Coinbase Pro. Coinbase Pro had reportedly made the announcement on Wednesday, June 2, revealing that it had enlisted Dogecoin (DOGE) on its platform.
This is not the only time Coinbase Pro has affected the price of Dogecoin (DOGE). Even when the rumors first emerged in regards to Coinbase Pro’s adoption of Dogecoin (DOGE), its price experienced a short-term surge.
Furthermore, there was another reason that led to a sudden surge in the price of Dogecoin (DOGE). As always, it was one of the most influential entities, Elon Musk whose tweets caused yet another frenzy in the cryptocurrency industry.
Therefore, with the combined force of DOGE’s Coinbase Pro listing and Elon Musk’s recent tweets, DOGE price experienced a 40% increase in terms of price on Wednesday, June 2, 2021.
Unfortunately, the price of Dogecoin (DOGE) had experienced a 59% drop in the month of May. Therefore, the recent developments have helped DOGE experience a surge in price and recover significantly from the loss it incurred last month.
With the recent listing on Coinbase Pro, Dogecoin (DOGE) is now in the reach of many investors. Coinbase is one of the largest cryptocurrency exchanges in terms of the trading volume. This makes Coinbase Pro one of the most advantageous and beneficial platforms where DOGE will get to thrive.
According to the reports, Dogecoin (DOGE) was listed on Coinbase Pro on Tuesday, June 1, 2021. Therefore, the price of Dogecoin (DOGE) surged in a matter of hours, showing a significant increase in its price until Wednesday morning.
According to on-chain data analyzing firms, the price of Dogecoin (DOGE) experienced a price surge from $0.3137 all the way up to $0.4398. This is a 40% increase in the price of DOGE in a matter of hours.
Following the listing of Dogecoin (DOGE), the DOGE users are now allowed to make deposits using DOGE. As of Thursday, June 3, 2021, the Coinbase Pro users have the ability to trade in DOGE.
According to Coinbase Pro, if the exchange observes enough liquidity for the particular asset, it has plans of launching five different trading pairs for DOGE. The pairs users will be able to use include DOGE/USDT, DOGE/GBP, DOGE/EUR, DOGE/BTC, and DOGE/USD.