Dogecoin explosion: Elon Musk tweet and major listing sends meme cryptocurrency rocketing

Dogecoin's price has jumped from $0.314 at 6pm on Tuesday to $0.422 at the time of writing - a rise of 29.3 percent.

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 blog 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.”

Coinbase has not yet made Dogecoin available on its main website or in its consumer mobile applications.

The company added there will be a “separate announcement if and when this support is added".

Tesla boss Elon Musk, a vocal supporter of Dogecoin, celebrated the news of the listing with a post on Twitter.

He shared a meme showing a ‘dogecoin standard’ dust cloud approaching the ‘global financial system’.

The tech billionaire wrote in the accompanying caption: “It’s inevitable."

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During the company's earnings call on May 13, he said “asset addition is something near and dear” to his heart.

The Coinbase boss referenced dogecoin as one of the cryptocurrencies that is attracting a lot of attention, and had also revealed his company's plan to list the token within two months.

The surge in Dogecoin is a much-needed boost for the crypto market, with growth of both Bitcoin and Ethereum slowing to less than two percent over the past 24 hours.

Bitcoin, widely known for its price volatility, has experienced a rollercoaster year so far.

The world's most popular cryptocurrency surged to a record high of $62,300 on April 13 following a price surge during the first few months of 2021.

But Bitcoin's price almost halved to $33,600 on Sunday - days after the Chinese Government announced a ban on using the digital payment method.

Bitcoin's price has since recovered slightly to $37,400.

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