Will Coinbase Listing Help Dogecoin’s Price Momentum Last Much Longer?

Dogecoin (DOGE) has jumped more than 25% to $0.4276 over the past 24 hours. The most popular altcoin’s capitalization rose to over $55 billion. Elon Musk's favorite coin is gaining momentum ahead of listing on the Coinbase (COIN) exchange. Presently this exchange is included in the list of the five largest cryptocurrency platforms in terms of daily trading volumes. Trades will start today on June 3rd.

The exchange management plans to launch DOGE trading in three stages on its professional platform Coinbase Pro. As CNBC rightfully pointed out, Coinbase’s decision to list Dogecoin could be seen as a litmus test (and the entrance door – we ought to add) for other newcomers to cryptocurrency and different metrics.

But the most important question is whether this DOGE uprising will last much longer. Many analysts believe that upon the inception of trading on Coinbase, the DOGE will hit new highs.

The simple answer is that DOGE sentiment apparently walks hand in hand with overall cryptomarket trends – most importantly, with Bitcoin trends. The latter advanced by just 5.75% over the same period to around $39 340. Sustainability of the psychologically important $40K mark is a key to all altcoins’ prospects on their way to recovery. That includes DOGE.

In a statement from the Coinbase platform's press center, it is noted that traders will have access to operations with DOGE against the euro, U.S. dollar, Tether (USDT), bitcoin and the British pound. Dogecoin is already available on several marketplaces. However, the largest volume of transactions with this altcoin is observed in the Robinhood app followed by Binance, which is apparently not enough to move DOGE ahead of its peers and present it as the third most important cryptocurrency after Bitcoin and Ethereum.

So far Dogecoin has even surpassed Bitcoin in popularity among Internet users. However, DOGE ranked # 1 for searches of the ten largest digital currencies.