Yerevan (CoinChpater.com) – Dogecoin(DOGE) has rocketed by 31 percent since May 31 and has gained more than 13 percent after Coinbase, the global crypto exchange platform, made Doge trading available for Pro service users.
Coinbase earlier announced the following: “Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions are met”. Dogecoin traders are getting ready as the launch approaches. In the meantime, the token price was on a steady rise in the early European session Thursday.
The chances are, the price will maintain the bullish sentiment once the Coinbase Pro trading takes off. Data analytics platform Santiment noted that social media sentiment for Dogecoin and its related topics boomed after its listing announcement, reflecting a frenzy-like retail interest.
Previously, Dogecoin traded in a Symmetrical triangle pattern. The formation predicted a bullish sentiment for the token, as the sessions preceding the triangle also had a bullish bias. The predicted price target stood at $0.90 in mid-June.
Moreover, Brian Armstrong, the founder, and CEO of the exchange platform, hinted at further development. He stated that the exchange would launch Dogecoin trading for website and Coinbase app users in the coming weeks.
Responses To The Doge Rally
Edward Moya, the senior market analyst at OANDA, a New York-based foreign exchange company, commented on Dogecoin’s ascend.
He stated that the token was nowhere near the level seen on May 7. In hindsight, that was the day leading up to Tesla’s chief Elon Musk hosting the Saturday Night Live, the comedy sketch show. After airing, however, the price dropped, as the billionaire jokingly called Dogecoin a ‘hustle.’ Dogecoin hasn’t fully recovered since.
Mr. Musk, as an avid Doge supporter, responded to the Coinbase Pro listing news by retweeting one of his tweets from July 2020.
The billionaire’s prolific tweeting, however, has attracted attention from the US Securities and Exchange Commission. The law enforcement agency warned the CEO that his tweets have twice violated the requirement to be preapproved by the team of Tesla’s lawyers.
Mr. Musk’s tweets and financial decisions have a strong influence not only on Dogecoin but on the crypto market as a whole. The latter has sadly been proven by the events of May 13. The Tesla CEO decided to make a U-turn on his earlier strategy to accept Bitcoin payments for the company’s electric vehicles. The move sent the crypto market into a downward spiral, and it hasn’t fully recovered since.
Is the Dogecoin storm ‘inevitable’ or not is a point of argument, as the token seems much too volatile to take over the global financial system. However, the fact that Dogecoin was able to log serious gains leaving many coins behind, is noteworthy. Doge traded at $0.42 in the European session Thursday. The token awaits more gains as the Coinbase Pro trading launches at 9 am Pacific time.