Despite mixed industry reception, the meme coin has started to turn its fortunes back around after a recent dip.
The Rally
Memecoin DOGE continues to perform well, gaining 40% on Wednesday following its listing on Coinbase Pro. The Shiba Inu-themed coin has also received a significant promotion from Elon Musk in the past few days, as he continues his ongoing interest with crypto’s top dog coin.
A Reversal of Fortune
The price ascent of Dogecoin marks a reversal in fortune for the coin which performed poorly in the previous month. From May 8th to May 23rd DOGE fell from an all-time high of $0.73 to $0.27, representing a 64% price drop. Until the Coinbase announcement DOGE had hovered below the $0.40 price range. On June 1st, the day that Coinbase Pro confirmed it would list Dogecoin, the token remained $0.33. By June 2nd, the price had shot through $0.40 and has remained at $0.41, representing 40% growth.
Once sufficient DOGE is available on Coinbase, the exchange will support five trading pairs: DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT, with trading launching in three separate phases. The first phase will be post-only trading followed by limit-only and eventually full trading. Full details of the transitions between phases will be published on the Coinbase Pro Twitter account.
As with all trading on Coinbase, this comes with a health warning. In a recent blog post the US exchange said:
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”
Meanwhile, billionaire SpaceX and Tesla founder Musk has continued to show his support for Doge.
The eccentric mogul is always ready to provide the unexpected on Twitter in regards to crypto.
Final Thoughts
While Dogecoin may have suffered during the recent fall in crypto prices, it has enjoyed a significantly better period at the start of this month. With this recent exchange listing and free advertising from Musk, it seems that DOGE will continue to do well, at least in the short to medium term. Beyond that it is almost impossible to predict. Memecoins focus less on function and more on community investment in their marketing, and whether that is a solid long-term strategy remains to be seen.
Source : bsc.news
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