Coinbase is Giving Away $1.2 Million in Dogecoin as it Starts Letting Users Trade the Meme CryptocurrencyDogecoin, which started as a joke, was the sixth most valuable cryptocurrency as of Thursday.
This story originally appeared onBusiness Insider
Coinbase said on Thursday that it plans togive away $1.2 million in dogecointo encourage users to take advantage of its newest cryptocurrency trading option.
Related:Dogecoin Added to Coinbase, Price Surges
Users must buy or sell $100 in DOGE through Coinbase by June 10 to be eligible for the sweepstakes, the company said. Coinbase said it plans to give out one prize worth $300,000, 10 prizes worth $30,000, and 6,000 prizes worth $100 by around June 17.
The sweepstakes follows the company's announcement on Tuesday that it would start lettingCoinbase Pro users trade dogecoinon its platform.
Related:Elon Musk Tweets, Dogecoin Surges
The announcement, along with a tweet from Elon Musk referencing the meme currency, sent dogecoin's value climbing by as much as 41%.
523亿美元,dogecoin第六-largest market cap among all cryptocurrencies as of Thursday evening, according toCoinMarketCap, after seeing a massive rally in May that sent its market cap soaring tomore than $85 billion.
Dogecoin was started as a jokeby two engineers in 2013, but has since gained immense popularity thanks to Redditors as well as endorsements from Musk and other high-profile celebrities, leading other crypto trading platforms likeRobinhood,eToro, andGeminito start accepting trades in recent weeks.
