Coinbase Adds Doginme ($DOGINME) to Its Listing Roadmap, Sending the Token's Price Soaring

In a stunning development for the cryptocurrency industry, Coinbase has now added Doginme ($DOGINME) to its listing roadmap

In a stunning development for the cryptocurrency industry, Coinbase (NASDAQ:COIN) has now added Doginme (CRYPTO: DOGINME) to its listing roadmap on the Base blockchain.

The announcement was heard loud and clear in the market, almost completely overshadowing the aftermath of Bitcoin's (CRYPTO: BTC) recent dip. While many tokens are still trying to recover from last week's selloff, DOGINME surged by 150% on the news and is now at an all-time high. And that's got some people pretty excited. Here's a look at how the Coinbase effect is playing out for Doginme, and whether or not it's likely to keep it surging.

The announcement of the DOGINME listing on Coinbase attracts increasing attention to the meme sector. Coinbase's decision to add this token to its roadmap has become a significant validation point for the project in a market where Bitcoin and Ethereum (CRYPTO: ETH) dominate. Couched in mumbo jumbo as it is, the statement means that new traders and investors are likely to come into the market, drawn by the liquidity and visibility that almost always accompany a Coinbase listing.

A new trader on Coinbase has made a huge profit following the announcement of the DOGINME listing. This trader, who created a new wallet, spent 51.2 Ethereum (approximately $97,700 at current prices) to purchase 254.66 million DOGINME tokens yesterday. This transaction occurred just 24 hours before the Coinbase announcement, and it highlights the risk-taking behavior of traders in the meme-coin market and their ability to profit from timely investments.

After the announcement that it would be listed, the price of DOGINME took off, gaining 150% by the time we went to press. As we worked on this story, the 254.66 million tokens we had bought for $97,700 were worth a stunning $205,700. That means we had a paper profit of about $108,000, or 110%, in just one day.

If you think that's picking a bottom, you haven't seen the bottom yet. So what is DOGINME? It's an Ethereum-based meme coin, in the likes of which more and more seem to be launched every day. But, unlike most of its predecessors, this one seems to be taking off.

The investment made by the trader in a timely manner underscores just how volatile the cryptocurrency market can be, especially when it comes to meme coins. Such tokens are quite often the very picture of ups and downs and are driven to price extremes by the not-so-stable hands of those who trade them. And when the trader bought DOGINME, the hands holding it had just gotten all hyped up because it was about to be listed on Coinbase.

In recent years, the broader cryptocurrency ecosystem has embraced meme coins such as DOGINME. These coins, initially considered speculative and largely a part of social media trend culture, have, due to their community-driven nature, gained a lot of market attention and traction.

Tokens such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) seem to set the stage for the rise of other meme coins. Grassroots support and the kind of viral marketing that fuels the Internet and social media almost seem like prerequisites for a new meme coin's price action.

Attracting institutional interest and investment, meme coins have been successful, and more platforms and exchanges are now eyeing them for possible token listings. Coinbase adding DOGINME to its listing roadmap is a signal that meme coins aren't a niche play anymore; they're tent pole assets. Seeing as how investor confidence is already at a high watermark for DOGINME, and with Coinbase being the respectably large and large respect cryptocurrency exchange that it is, then this can only pour more confidence oil on DOGINME's already helio-coptering ascent.

Now that DOGINME is on Coinbase's roadmap, the token stands to gain a lot from the heightened visibility and access to a much larger crowd of traders and investors. And it could lead to further price appreciation in the days to come. Especially as you can see, the listing is coming into clearer focus.

DOGINME's market cap keeps growing, but the future of the token is misty at best. We know that, after the announcement of the listing on Coinbase, the price shot up. This is the sort of thing that happens when a token is listed on a major exchange—its value tends to increase. Listing on Coinbase is a big deal, and there is no way to sugarcoat it. However, many tokens have been listed on major exchanges only to lose value later. DOGINME might be one of those tokens.