Dogecoin Spikes 25% on Coinbase Listing, Bitcoin Passes $39,000

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Created by TradeOr

3rd Party Analysis 03 Jun 2021

Key Takeaways

  • Dogecoin is on a tear, up 25% since yesterday to levels above $0.43
  • Bitcoin on the move, climbs past $39,000 as traders increase efforts to lift the asset’s price

Dogecoin Spikes 25% on Coinbase Listing

Dogecoin, the joke cryptocurrency that is now commanding a market valuation of $55bn, staged a stellar comeback this week. The token popped as much as 50%. Amid increased appetite, the price has rallied sharply after Coinbase Global Inc. said it would allow traders to buy and sell the Shiba Inu-themed coin. Dogecoin’s listing on the Coinbase platform is set for today.

Meanwhile, fresh tweets from Elon Musk also provided a boost for Dogecoin. The Tesla Chief Executive has been actively pushing the price of the crypto token. Despite rising concerns from the community that his power to influence the crypto market has done financial harm to many amateur traders. The latter are taking his cryptocurrency tweets as financial advice and end up on the losing side of the trade.

The price of Dogecoin jumped over 25% since yesterday and traded near the $0.43 mark, its highest in about two weeks. The crypto token, originally designed to serve no purpose other than a few laughs, is still below its all-time high of $0.72 reached in May. It was then boasting a market capitalization of nearly $100bn, or bigger than the value of Uber, FedEx, or Xiaomi.

Bitcoin on the Move

Dogecoin has soared in popularity among cryptocurrency enthusiasts this year. The coin started as a joke to make fun of the craze around Bitcoin and cryptocurrencies at the time. In a head-scratching turn of events, the same coin is favored by billionaire entrepreneur Elon Musk who called it “a hustle” on a “Saturday Night Live” episode. Many of his tweets are directed at promoting Dogecoin, and that has drawn many investors to the coin and helped fuel its almost 9,000% rally this year.

Meanwhile, Bitcoin moved higher earlier today, climbing over $39,000. The world’s largest digital asset is trading to the upside for a second straight day on Thursday as market participants are able to sustain the buying momentum. So far in the week, Bitcoin has advanced 8.2%.

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