Yerevan (CoinChapter.com) — Coinbase Global Inc. announced on Thursday its plan to offer Dogecoin on its trading platforms. CEO Brian Armstrong confirmed that the company will implement its plan in six to eight weeks.
Primarily, Coinbase has concentrated on offering Bitcoin (BTC) and Ether (ETH), although it also has over 100 altcoins listed on its website. The company regularly updates users with its plans on increasing its altcoin offerings to meet market demand.
Another reason why Brian Armstrong’s company wants to increase its crypto offerings is the evident fear of losing customers to competitors. Many of the cryptocurrency exchange platforms in the market have started going beyond the popular digital currencies. So far, Coinbase has not added some of the tokens that have become popular in recent weeks, including Dogecoin.
With the move, Coinbase hopes to rectify the situation.
Dogecoin Prices Soar
The cryptocurrency that started as a joke is now a serious asset. Despite the temporary dip in prices, Dogecoin has registered some serious jump in value over the past weeks.
It created much noise when it rose more than $50 billion thanks to backings from big names like Elon Musk and Mark Cuban. On the 6th of May, the ‘Meme’ cryptocurrency surpassed the $77 billion market cap. That was a more than 6,000 percent increase this year alone.
However, Dogecoin didn’t stop there. In what comes as a shock to critics who cannot comprehend the unsubstantiated craze created by the cryptocurrency, Elon Musk has stepped up once again to rock the boat. In a tweet informing watchers that he plans to get actively involved in Dogecoin, the eccentric Tesla CEO made headlines again, taking the meme coin on a joyride with him.
Following Musk’s tweet, prices of Dogecoin went over the roof. The cryptocurrency’s market cap registered a hike of $10 billion.
When Musk took to Twitter to write the tweet, the total valuation of the Dogecoin market was around $55 billion. In just 15 minutes, it surged to $66 billion.
With regular fluctuations in market value owing to Musk’s regular tweets, the joke cryptocurrency is gaining more fans and takers, thus cementing its position in the crypto world.
The news of Dogecoin bagging a spot on Coinbase comes weeks after Mark Yusko termed Bitcoin as “pure speculation that will end badly.”
However, until that happens, Dogecoin is the crypto to watch.