Dogecoin Falls Over 17% After Coinbase Pro Listing And $1.2M Giveaway Of The Coin

The price of the meme cryptocurrency Dogecoin DOGE/USD fell significantly following its recent listing and giveaway announcement by the biggest US-based exchange Coinbase Global Inc. COIN.

What Happened: According to CoinMarketCap's data, Dogecoin's price fell by over 17% from its 24-hour high of $0.4304 to a low of $0.3558. It was trading $0.3634 at press time. 

See also: Today’s Dogecoin Price

The coin price also followed Bitcoin, which fell by over 7.8% from its 24-hour high and was trading at $36,535.

Dogecoin's price went down despite Coinbase's announcement about listing the coin on its Coinbase Pro trading platform.

The exchange also announced yesterday that it would give away $1.2 million in DOGE for free to celebrate its listing.

Read also: Elon Musk Unveiled Bitcoin's Weakness, Says Miami Mayor Francis Suarez

To obtain free Dogecoin, Coinbase users are supposed to opt-in and then buy or sell $100 of the coin before June 6.

One of the winners will get $300,000 worth of Dogecoin, the other ten will receive $30,000, and 6000 winners will be accredited $100 worth of the cryptocurrency.