Dogecoin’s performance in the last three weeks has been waning but recently things are looking better this week after reports that it was listed on Coinbase Pro.

Dogecoin has been on a bearish downturn since the second week of May and was severely impacted by several factors including the selloff after Elon Musk’s SNL appearance. The cryptocurrency market’s overall bearish outlook further weighed on Dogecoin’s performance, ensuring its decline from its all-time high of $0.73 in May, to a low of $0.21 after the bearish run.

The cryptocurrency is off to a good start in June, as evident in its bullish price performance so far. The current gains are courtesy of the recent announcements that Dogecoin transfers will be available on Coinbase Pro starting Tuesday and that trading will be available on Thursday, pending the fulfillment of liquidity conditions.

Coinbase announced the development through its blog post and Twitter, revealing that it will add Dogecoin to Coinbase Pro in three phases. The first phase will be post-only, the second will be limit-only, while the last stage will allow full trading. The company also announced that it would suspend Dogecoin trading or hold the order book in one state for an extended duration if any of the order books fail to meet Coinbase’s healthy market assessment.

Other exchanges including Binance have already added DOGE to their cryptocurrency offering, which meant that there was a high probability that Coinbase would also do the same. Dogecoin has so far rallied more than 6000% since January 2021, making it one of the best performing cryptocurrencies. Most of its gains were fueled by the excitement around it after Elon Musk started tweeting about it. Many people started buying it as the hype grew, leading to its surge in popularity.

DOGE is up more than 22% in the last 24 hours, making it one of the top gainers on Wednesday morning. It traded at $0.39 at the time of this press, which is an impressive gain from Tuesday’s low at $0.31. The current price target should be around the 0.41 Fibonacci level where it will likely experience some resistance. The current price level is trading above the 7-day moving average and is about to cross above the 25-day moving average, which if it does cross over, will indicate that the bulls are back.

The latest bull run was on low trading volume, while the Stochastic RSI indicates that it is still not overbought. If more volume comes through as more markets open, it might fuel a stronger rally above the 0.40 price level.

Dogecoin’s listing on Coinbase Pro is a huge leap forward for the cryptocurrency and its community because it signifies wider recognition. Such a listing is also bound to encourage more investors to consider the meme coin, thus leading to more adoption. It also helps that Brian Armstrong, the CEO of Coinbase is a huge fan of Dogecoin. He previously noted in Coinbase’s earnings call on May 13 that Dogecoin had been receiving a lot of attention and that it would be added to his company’s trading platform in a few weeks.

Although Dogecoin is now accessible to Coinbase Pro users, it is still not available in the company’s mobile apps or its main website. However, Coinbase noted that it will make a separate announcement when Doge is finally available on the company’s other platforms. The company did not give a timeline for the meme coin’s addition to other Coinbase platforms but it will likely expedite the process to make it accessible to retail traders. The current roll-out is akin to a pilot phase that will allow Coinbase to determine whether Dogecoin is a healthy addition to its crypto portfolio.