Dogecoin Underperforms Wider Crypto Market Despite Key Catalyst

Dogecoin (DOGE) traded over 6% lower on Thursday night, underperforming against the broader market, even after Coinbase Global Inc COIN listed the Shiba Inu-themed coin on its platform. 

What Happened: DOGE traded 6.18% lower at $0.39 at press time over a 24-hour period. The cryptocurrency fell 9.07% against Bitcoin (BTC) and 9.31% against Ethereum (ETH). 

See Also: How to Buy Dogecoin (DOGE)

The total market capitalization of the global cryptocurrency market rose 3.57% to $1.74 trillion in a 24-hour period.

Bitcoin, the largest cryptocurrency by market cap, traded 3.38% higher at $38,677.79, while ETH traded 3.92% higher at $2,806.69 over a 24-hour period leading up to press time.

The top gainers over a 24-hour trailing period at press time were Filecoin (FIL), Theta (THETA), The Graph (GRT), BitTorrent (BTT), and Solana (SOL).

FIL gained 27.87% at $89.05 in a 24-hour period. The cryptocurrency clocked almost 23% against both BTC and ETH.

In the same time frame, THETA rose 23.81% to $9.85, GRT spiked 21.05% to $0.9253 and BTT was up 16.02% to $0.004407. SOL too jumped higher by 12.82% to $38.55 in a 24-hour window.

Why It Matters: The fall in DOGE comes even as Coinbase, the third-largest exchange by volume as per CoinMarketCap, listed the meme cryptocurrency on Thursday. Coinbase also announced a $1.2 million giveaway to “celebrate.”

It’s raining DOGE!

Dogecoin is now on Coinbase and we’re giving away $1.2 million in DOGE to celebrate. Opt in and then buy or sell $100 in DOGE on Coinbase by 06/10/2021 for your chance to win. Limit one entry per person.

Details here https://t.co/RU52JrTiqd

— Coinbase (@coinbase) June 3, 2021

Solana is due for listing on Coinbase’s Pro platform as well. The launch was delayed due to technical issues as per an announcement on Twitter by the platform on May 22.

See Also: Ethereum Killers Are Advancing At Record Pace This Year: What You Need To Know

Solana’s co-founder and chief operating officer Raj Gokal told Benzinga last week that the listing “validates all of the hard work that the community has put into building out the hundreds of dApps and platforms that make up an ever-growing ecosystem.”

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