Every doge has its day, and Dogecoin’s (CCC:DOGE-USD) appears to be coming soon. One of the hottest crypto plays of the year, DOGE has seen a booming market capitalization which pushed it into No. 4 place on the list of top cryptos. And with the prospect of Dogecoin on Coinbase (NASDAQ:COIN), one can bet it will continue to gain through the year.
Dogecoin saw its value shoot up this spring, with prices ultimately reaching highs of 73 cents. A couple corrections came to dampen the parade. Most recently, Elon Musk called the coin a “hustle” on his Saturday Night Live episode.
Through these gains, Dogecoin received listings on a variety of different exchanges, big and small. But, bulls have consistently been clamoring for a listing on Coinbase. Why?
The recently public Coinbase is one of the most popular U.S. exchanges, offering 40 different cryptos on its Pro platform. The Coinbase platform is one of the most ubiquitous for U.S. traders, since its Nasdaq listing makes it the only Wall Street-traded crypto exchange.
CEO Lets Loose News of Dogecoin on Coinbase
Coinbase’s first-quarter earnings call revealed a lot. A 96% increase in employees since 2020, a $771 million net income, and an eightfold increase in institutional transaction revenue since last year showed the busy 12 months Coinbase had. But most importantly for the Doge Army, it saw an off-the-cuff remark from CEO Brian Armstrong.
Armstrong announced in the earnings call that Dogecoin would finally be seeing its Coinbase listing. In the next 6-8 weeks, users will be able to trade the one of the most popular altcoins of 2021 on the most popular exchange in the U.S.
From an investor standpoint, this news is huge for the future price Dogecoin. Creating accessibility for new investors — especially the masses of investors on Coinbase — suggests that trading volume is sure to increase after the listing. Studies of the so-called Coinbase effect show that on average, cryptos outperform after their exchange listings.
After the market correction earlier this week, DOGE is already trending upward again. The coin is up 27% on today’s session, trading at 53 cents.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.