Dogecoin Shoots Up 11.3% As Bitcoin, Ethereum, Other Top Cryptos Remain Muted

Dogecoin (DOGE) traded higher by over 11% at press time on Tuesday night even as Bitcoin (BTC) and Ethereum (ETH) remained muted.

What Happened: The Shiba Inu-themed coin traded 11.35% higher at $0.36 at press time in a 24-hour period. DOGE gained 15.25% against BTC and 16.11% over ETH in the same time frame.

See Also: How to Buy Dogecoin (DOGE)

On a 24-hour basis at press time, BTC traded 3.4% lower at $36,448.92 while ETH traded 4.09% lower at $2,614.

Doge was buoyant after Coinbase Global Inc (NASDAQ:COIN) said in a blog post that it had launched support for the cryptocurrency on its Pro platform.

“Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions are met,” said Coinbase.

Dogecoin’s upward momentum aside, most major coins failed to chart an upwards course.  At press time over 24-hours, Cardano (ADA) was down 1.63% at $1.74, XRP (XRP) traded 8.47% lower at $0.99, and Chainlink (LINK) was in the red by 5.14% at $30.04.

Why It Matters: DOGE has soared 7,700.51% since the beginning of 2021. The cryptocurrency has a fan base on social media and is often discussed by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk.

See Also: Elon Musk Says He Isn’t The ‘Doge CEO,’ Ability To Take Action ‘Is Limited’

Last month, Musk said he was working with DOGE developers to improve the cryptocurrency’s “system transaction efficiency.”

“Shark Tank” fame investor and Mavericks owner Mark Cuban noted in May that DOGE has the potential to become a “usable currency.” Mavericks already accept Dogecoin as payment for tickets and merchandise.

Read Next: How Retail-Favorite Investments GameStop, AMC, BlackBerry, Dogecoin, Shiba Inu Fared Against Each Other In May

(Excerpt) Read more Here | 2021-06-01 18:17:00
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