Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Dogecoin Explodes and Leads the CryptoMania Ahead of Coinbase DPO, Bitcoin Cash Surges

Dogecoin Explodes and Leads the CryptoMania Ahead of Coinbase DPO, Bitcoin Cash Surges

Key Talking Points:

  • Coinbase listing sparks cryptocurrency buying frenzy
  • Expect the crypto market to be highly volatile during today’s session
The Quiz
Discover what kind of forex trader you are
Start Quiz

The crypto market is booming this morning ahead of the Coinbase direct listing on the Nasdaq, with Dogecoin (DOGEUSD) leading the gains, surging over 80% to almost 14 cents per coin just before the London market open. The “memecoin” was originally started as a joke to mock the craziness of the cryptocurrency market, but in a similar fashion to the Wall streets Bets Reddit frenzy last month, investors were determined to get Dogecoin above 10 cents per coin.

DOGE/USD Daily Chart

Source: tradingview


Other cryptocurrencies are following suit with gains ranging between 2% and 11% in the most commercialized coins. Bitcoin cash is up over 11% this morning, followed closely by EOS (+8%) and NEO (+5%).

The main reason behind this latest crypto frenzy seems to be the Nasdaq listing of Coinbase, the largest crypto exchange in the US, which will take place later this afternoon. The target price is set at $250, which would entail a market valuation of $47bn, but unlike with an IPO, the company is not looking for a valuation of its shares, but rather it is directly listing with a set reference price.

Instead of having a bank underwrite the listing and come up with buyers for the shares at an IPO price, the company is opening up its shares directly to the public instead. Given the share is able to open at a different price than its set reference, it is likely to be a highly volatile event and I would expect there to be more upside volatility. Even if there is a dip on the first day of its trading, it is likely to be short-lived.

Cryptocurrency Trading
Cryptocurrency Trading
Recommended by Daniela Sabin Hathorn
Get Your Free Introduction To Cryptocurrency Trading
Get My Guide

Bitcoin, the largest and most-known cryptocurrency, continues its steady rally and is now comfortably settled above the $60,000 mark, an area of tough resistance prior to this week. Bitcoin is likely to have its destiny tied to Coinbase today so expect price to surge higher if Coinbase starts trading way above its reference price. In its usual domino effect, expect most coins to be on the high if Bitcoin jumps higher as they are seen as cheaper proxies to Bitcoin.

How to Read a Candlestick Chart

BTC/USDDaily chart

Learn more about the stock market basics here or download our free trading guides.

--- Written by Daniela Sabin Hathorn, Market Analyst

Follow Daniela on Twitter @HathornSabin

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.