Dogecoin, the joke cryptocurrency beloved by Elon Musk, has jumped in value again.
The canine-themed currency rose 25% yesterday off the back of news that Coinbase users will be able to trade with it.
Coinbase is one of the most popular cryptocurrency trading platforms and the company is now opening up trading of Dogecoin on its Coinbase Pro service.
At time of writing, Dogecoin is trading at 30p on Coinbase with a market cap of £39.1 billion.
Could it be going to the moon again?
‘One of the most common requests we receive from customers is to be able to trade more assets on our platform,’ Coinbase explained in a blog post published on Tuesday.
‘Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.’
‘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.’
What is Dogecoin?
As cryptocurrencies started to gain momentum, due to the availability of the underlying technology – blockchain – ‘Dogecoin’ was created as a joke.
Everything about the cryptocurrency is designed to appeal to internet culture. The Shiba inu dog that is the face of dogecoin rose to fame after a meme of the breed went viral.
Meanwhile, the crypto lists its creators as Mr Palmer and Shibetoshi Nakamoto – a play on the mysterious creator of Bitcoin, Satoshi Nakamoto.
On its website, Dogecoin states: ‘Dogecoin is an open source peer-to-peer digital currency, favoured by Shiba Inus worldwide.’
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