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Dogecoin Jumps Again!

Coinbase lists Dogecoin, now the meme coin jumps by 30%!

In the last few days, cryptocurrency prices are down. Including Dogecoin.

However, Coinbase’s recent announcement revived Dogecoin’s string of good luck.

DOGE now goes for $0.50 in the exchanges where it is listed, including Binance, FTX, and Kraken.

Coinbase’s DOGE listing might cut into mobile trading app Robinhood’s DOGE business. After running after Robinhood for a long period of time, Coinbase has already overtaken it to be the fourth-most popular app on Apple Store and third in Android.

Robinhood benefitted from Coinbase’s hesitation to add Dogecoin, and it also drives demand for the token among retail investors.

Dogecoin’s Neverending Journey

dogecoin

Dogecoin is a meme coin. For many years, notwithstanding its low price of less than a penny, it is sometimes used to filter funds to charities.

But because of the activist fans and Elon Musk (Dogecoin’s superfan), the coin began gaining adherence as an investment this year. Since the start of 2021, it increased in price by over 4,800% driving it to a market cap of over $60 billion.

Its skyrocketing adventure has been in a series of different mountains: first when it stayed in the $0.04 to $0.08 range by the beginning of February through April. Then, it has broken the $0.25 barrier. Gamblers pinned their hopes of Dogecoin surging even higher than the $12 mark when Musk hosted SNL last May 8.

But the high price of the token came just two days before his appearance. It reached around $0.69. Elon’s performance prompted many large holders to cash out, driving the price down to $0.43. And since then, it has been a struggle to get back.

Coinbase’s announcements about listing have boosted the price of cryptocurrencies in the short term. A report from March 31 by Messari states,

“After controlling for outliers, it remains evident that the Coinbase listing has the highest impact on price among exchange listings with an average five-day return of 29%. Taken at face value, these results suggest that exchange listings, especially Coinbase, more often than not lead to a boost in asset returns.”

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