- Dogecoin, which started as a joke, was the sixth most precious cryptocurrency as of Thursday.
- Crypto trading platform Coinbase announced last Thursday it’s giving away $1.2 million in Dogecoin.
- Coinbase stated Tuesday it would let Pro users trade Dogecoin, driving its value to soar.
Dogecoin is a digital currency based on the Doge meme, which began as a prank.
Coinbase announced that it intends to give away $1.2 million in Dogecoin to urge users to support its newest cryptocurrency trading option.
Clients must trade $100 in DOGE through Coinbase by June 10 to be eligible for the sweepstakes, the trading platform stated. Coinbase further explained that it would give out one prize worth $300,000, 10 incentives worth $30,000, and 6,000 prizes worth $100 by around June 17.
The sweepstakes follow the company’s disclosure to let Coinbase Pro users trade Dogecoin on its trading platform.
The giveaway is likely to satisfy advocates of the Shiba Inu-themed currency, who have long groaned for the exchange to add Dogecoin, in part to acquire the so-called “Coinbase effect.” This is from which would describe the price pump that has occurred when it has added other coins.
Coinbase listing has missed lifting the token, with the price of Dogecoin falling around 6% on Thursday:
The news, along with Elon Musk’s tweet citing the meme currency, sent Dogecoin’s value soaring as much as 41%.
According to CoinMarketCap, Dogecoin had the sixth-largest market cap among all cryptocurrencies at $52.3 billion as of Thursday. After seeing a massive rally in May that sent its market cap soaring to more than $85 billion.
Dogecoin was begun as a gag by two engineers in 2013 but has since earned enormous popularity thanks to Redditors and advertisements from Musk and other high-profile celebrities, leading other crypto trading platforms like Robinhood, eToro, and Gemini to start accepting trades in recent weeks.
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