Dogecoin’s price has jumped by 24 percent so far on Tuesday, from $0.314 at 6pm on Tuesday to $0.390 at the time of writing.
The surge in the meme cryptocurrency was initially driven by leading crypto exchange Coinbase announcing it was adding it to its professional trading platform.
Coinbase Pro members will be able to buy and sell Dogecoin from Thursday.
The crypto exchange wrote in a log post: “Starting today, transfer Doge into your Coinbase Pro account ahead of trading.
“Support for Doge will generally be available in Coinbase’s supported jurisdictions.
“Trading will begin on or after 9am Pacific Time (5pm BST) Thursday 3 June, if liquidity conditions are met.”
Tesla boss Elon Musk, a vocal supporter of Dogecoin, celebrated the news with a post on Twitter.
He shared a meme showing a ‘dogecoin standard’ dust cloud enveloping the ‘global financial system’.
The tech billionaire wrote in the accompanying caption: “It’s inevitable.”
This is a breaking story. More to follow…