Coinbase, one of the leading cryptocurrency exchanges in the United States, has finally announced its intention to list the famous dog-themed cryptocurrency Dogecoin (DOGE) in the coming weeks.
This is a much anticipated and important announcement for many Dogecoin holders as they are hoping the coin can reach the $1 USD price. This does seem crazy as the coin was only $0.000233 USD back in 2016.
DOGE is Coming to Coinbase
During the exchange’s earnings call on Thursday, the Chief Executive Officer, Brian Armstrong, revealed that they are planning to add Dogecoin in the “next six to eight weeks” for trading. Bloomberg cited the CEO’s comment, which reads that “the proliferation of alternative coins, including Dogecoin and Binance Coin, is a challenge because competitors support them and Coinbase doesn’t.”
Coinbase supports a number of cryptocurrencies for trading, including Mirror Protocol (MIR), Internet Computer (ICP), Tether (USDT), etc. However, it’s yet to add Dogecoin on its platform, despite the fact that the meme cryptocurrency has made headlines across several crypto media amid its massive increase in value. The exchange seems to support coins only when they’ve reached scale.
However, Armstrong noted the exchange would lower the barrier and accelerate the time it takes to list new coins.
DOGE is up Over 5,500% YTD
Interest in Dogecoin rose significantly over the recent months amid the massive growth. The price of DOGE has increased by over 5,500 percent since the beginning of 2021.
This is quite surprising given that the cryptocurrency was only considered a joke during its early years. In fact, Dogecoin was even abandoned by its creator, Billy Markus, back in 2015. Doge’s Little Brother Shiba Ino (SHIB) Meme Coin Surges 700%.
DOGE was trading at $0.5641 USD on CoinMarketCap, during the time of writing. It’s rated the fourth-largest digital currency, with a market capitalization of $73.5 billion USD.