The doge in my crypto wallet is feeling pretty clutch right now…

Dogecoin, the cryptocurrency championed by super genius Elon Musk, just experienced a huge surge, rising in about 25% value after cryptocurrency trading platform Coinbase announced that it would begin to allow transfers of the popular cryptocurrency on the Coinbase Pro platform.

The effects were definitely immediate, the digital currency reaching a high of about $0.42 USD ($0.54 AUD) per coin earlier in the morning, hovering around $0.41 USD ($0.53 AUD) by the afternoon. To put things in perspective, the movement brought dogecoin’s market cap up to $54 billion USD ($70 billion AUD), making it the sixth largest cryptocurrency in the world.

The skyrocketing price hike comes just after an announcement Coinbase earlier this week, announcing that it would allow Coinbase Pro users to transfer dogecoin into their accounts ahead of trading. Now, support for old mate Doge will be available in coinbase’s supported jurisdictions and will kick off on June 3, as long as liquidity conditions and the rest of the crypto red tape are met.

Taking to its online platform to coincide with the announcement, Coinbase wrote “One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.”

It’s not gonna be implemented immediately however, with new coins being rolled onto the site in four stages: Transfer-only, which means customers will be able to transfer the new asset into their Coinbase Pro account but will not yet be able to place orders of the asset; Post-only, which allows customers to post limit orders but there will be no completed orders; Limit-only, which allows limit orders to start matching, but customers are unable to submit market orders; and Full Trading, which opens up the service to allow for limit, market and stop orders.

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” they added.

Dogecoin is yet to be available on Coinbase.com and its Consumer mobile apps, but the company has assured us that they’d let us know if and when the support is added. If you somehow still aren’t up to date with the Dogecoin hype, we’ve got you covered. Check international tech man Marques Brownlee explain the mysterious coin below.