Dogecoin has seen a surge in price by about 33% from $0.31 to $0.42 as at the time of this writing.
Investors are buying the Elon Musk-backed meme currency majorly due to the fear of missing out (FOMO) after Coinbase, one of the world’s largest crypto exchanges, announced that it will open up live trading for dogecoin on its Pro version.
Support for DOGE will generally be available in Coinbase’s supported jurisdictions. Trading will begin on or after 9AM Pacific Time (PT) Thursday June 3, if liquidity conditions are met.Coinbase
Barely two months after going public by listing on the Nasdaq stock exchange, Coinbase has added dogecoin to its crypto assets offerings.
The global crypto exchange listed dogecoin on Tuesday, but users cannot transact yet until the platform enables trading. However, Coinbase Pro users are currently able to transfer dogecoin into their wallets before active trading commences.
As it stands, many crypto investors are purchasing and stocking up the meme currency in order to drive up the price so as to perhaps cash out immediately active trading begins on Coinbase.
Prices of other cryptos such as Bitcoin, Ethereum and Binance coin are also up by 3%, 5.6% and 16% respectively, after plunging in recent weeks due to market correction and Elon Musk’s controversial Bitcoin tweets.
Unlike Bitcoin, which is in short supply due to having a maximum mining limit, dogecoin is created in abundance — 10,000 new coins are reportedly mined every minute and there is no maximum supply.
Energy experts say Dogecoin presents no major environmental concerns since it consumes much less energy than the flagship crypto thanks to its mining algorithm.
Dogecoin requires just 0.12 kilowatt hour (kWh) for each payment, a very tiny amount compared to Bitcoin’s 707kWh.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!