Coinbase is Giving Away $1.2 Million in Dogecoin as it Starts Letting Users Trade the Meme Cryptocurrency
Dogecoin, which started as a joke, was the sixth most valuable cryptocurrency as of Thursday.
Coinbase said on Thursday that it plans to give away $1.2 million in dogecoin to 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 letting Coinbase Pro users trade dogecoin on 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%.
At $52.3 billion, dogecoin had the sixth-largest market cap among all cryptocurrencies as of Thursday evening, according to CoinMarketCap, after seeing a massive rally in May that sent its market cap soaring to more than $85 billion.
Dogecoin was started as a joke by 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 like Robinhood, eToro, and Gemini to start accepting trades in recent weeks.
Entrepreneur Editors' Picks
-
Kale Was a Garnish Before This Creative Genius Made It Famous. Here's How She Did It — and What She's Planning Next.
-
Telling Your Brand Story Is Crucial. 4 Steps to Ensure That It Resonates.
-
This Baker Was Told Not to Speak Spanish With Colleagues, So She Started Her Own Cake Company That Values Employees Just as Much as Customers
-
Improving Yourself Takes 9.6 Minutes of Work Each Day
-
Meet the Women Behind Some of McDonald's Most Iconic (and Essential) Ingredients — and How They're Setting New Standards
-
Remote Work Shouldn't Be Up for Debate
-
Employees Are Over Foosball Tables and Free Snacks. Your Company Culture Needs This Instead.