Dogecoin experienced a big jump in value on Wednesday, recovering much of its value lost over a month of dampened performance in the markets. The meme inspired crypto surged over 20 %, due to its listing on the US-based crypto exchange Coinbase.

Coinbase announced that it will list the token for the professional user base of its platform. The announcement on Wednesday cleared that the company has started accepting inbound transfers of Dogecoin to Coinbase Pro, the paid membership variant of its crypto exchange.

In a blog post, Coinbase stated, that the actual trading ""will begin on or after 9 am Pacific Time (PT) Thursday, 3 June, if liquidity conditions are met."

Prior to this, Dogecoin could only be traded on platforms like CoinDCX, WazirX and CoinSwitch Kuber. The listing of the cryptocurrency on Coinbase, one of the biggest cryptocurrency exchanges in the world, is a huge plus for its legitimacy as a strong contender in the crypto market.

This is also because Coinbase Pro is mainly used by professional cryptocurrency traders and is thus selective in its listings. The exchange now states that trading on Dogecoin will launch on the platform in three phases - “post-only, limit-only and full trading”, once sufficient supply of it is established on the platform. The listing still restricts the cryptocurrency to the professional version of the platform. Regular Coinbase users will still not be able to trade Dogecoin for now.

Dogecoin’s rise also fueled the surge of other alt currencies in the market, including the likes of Shiba Inu. The cryptocurrency has been targeted for a run to $1 in value over the months by its fans. It remains to be seen if it can touch the mark after experiencing the massive value dip in the time gone by.

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Dogecoin has been resuscitated due to a tweet sent out by Elon Musk, after a tough last week.

Musk referred to himself as Dogefather in a cryptic tweet on Wednesday, leading to a 30% hike, the highest in cryptocurrency in the last 10 days. 

Dogecoin was even further up by almost 8% on Thursday morning and its price has reached 24 rupees after falling down to less than 18 rupees last week. 

"The Dogefather SNL May 8", Musk Tweeted just days before his appearance on the most popular American TV show Saturday Night Live (SNL) on May 8.

Many expect a further boost of Dogecoin after his appearance on SNL.

Although this isn't the first time the Tesla Chief has tweeted about the crypto token in February he published a one-word tweet sending Dogecoin up by 25% in minutes. 

In Marcha he posted that his space exploration company will dogecoin on the "literal" moon, causing it to jump percent. 

This particular cryptocurrency was started as a joke back in 2013 but has become very popular among the investor. 
 

The value of dogecoin plummeted in the early hours of Sunday in the United States after Tesla CEO and cryptocurrency supporter Elon Musk referred to it as a "hustle" during his appearance as a guest host on the comedy sketch TV show "Saturday Night Live."

Dogecoin was quoted as low as $0.47 on the cryptocurrency exchange Binance, down 28% from levels around $0.65 prior to the show.

The show began at 11:30 p.m. EDT on Saturday, hosted by billionaire Tesla Inc CEO Elon Musk (0330 GMT on Sunday).

Cryptocurrency enthusiasts had been waiting for him to say something for days, after his tweets earlier this year transformed the once-obscure digital currency into a speculator's dream.

Musk responded, "What is dogecoin?" "It is the currency of the future. It is an unstoppable financial vehicle that will rule the world."

Musk responded, "Yeah, it's a hustle," when show cast member Michael Che countered, "So, it's a hustle?" And then he laughed.

Musk is a one-of-a-kind businessman who has been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight at a time when Tesla's stock is losing steam after a monster rally last year.

The outlandish CEO has made numerous comments about cryptocurrencies on Twitter and has chastised traditional currency for having negative real interest rates.

In February, he said, "Only a fool would not look elsewhere."

That month, his cryptic tweets "Doge" and "Dogecoin is the people's crypto" sparked a rally in dogecoin, which was created as a parody of the more mainstream bitcoin and ethereum.

Musk tweeted on Thursday, "Cryptocurrency is promising, but please invest with caution!" with a video clip in which he stated, "At this point, it should be considered speculative. So, you know, don't get too far into crypto speculation..."

However, he also stated in the video that cryptocurrency has a "good chance" of becoming "the future currency of the Earth."

According to crypto data tracker CoinGecko.com, dogecoin has increased by more than 800% in the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion. It reached a new high of $0.73 on Thursday.

It has surpassed more popular cryptocurrencies such as litecoin and tether.

Tesla announced in February that it had purchased $1.5 billion in bitcoin and would soon accept it as a form of payment for its electric vehicles, a significant step toward mainstream acceptance that sent bitcoin to a record high of nearly $62,000.

On Friday, Tesla shares closed 1.3 percent higher at $672.37.

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Tesla May become first car company to accept Dogecoin, as it is already the first one to accept Bitcoin as a form of payment in the US.

Dogecoin has seen a stunning rise and because there is no upper limit, there could be 100 billion Dogecoin in circulation. Elon Musk has been a big supporter of Bitcoin and appears equally taken by Dogecoin.

He sent out a tweet recently asking his millions of followers if Tesla should accept Dogecoin as payment. Overwhelming 71% followers responded positively.

For something that was born from a meme, developed as a joke , Dogecoin has made a tall leap. Within the first quarter of 2021 its market cap has risen from around $1 billion to well $45 billion.

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