Dogecoin, the digital currency begun in 2013 as a joke, soared Wednesday after Coinbase (COIN) , the largest U.S. cryptocurrency exchange, announced it will list the digital asset on its Pro platform.
“Starting June 1, transfer DOGE into your Coinbase Pro account ahead of trading,” Coinbase said. “Support for DOGE will generally be available in Coinbase’s supported jurisdictions. Trading will begin on or after 9 a.m. PT Thursday, if liquidity conditions are met.”
Dogecoin recently traded at 41.81 cents, up 31%. It has skyrocketed 12,415% over the past six months as retail investors have embraced cryptocurrency.
Coinbase recently traded at $240.25, up 0.55%. It has dropped 27% from its first day of trading April 14 amid concerns about valuation and the declining price of Bitcoin itself.
As for Dogecoin and Coinbase, “Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading,” the exchange said. “DOGE is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.”
TheStreet.com provided a history of Dogecoin last week.
TheStreet.com also reported Tuesday that Robinhood CEO Vladimir Tenev follows 'Dogecoin Millionaire' Glauber Contessoto on Twitter (TWTR) - Get Report. TheStreet.com ran a profile of Contessoto last week.
"I see Bitcoin as the gold standard, so I needed a dollar standard or a cash standard, and to me that was Dogecoin," Contessoto said. "To me, memes are the language of the millennials and in the future, we'll be buying and selling things with memes."