What just happened? US cryptocurrency exchange Coinbase has announced that users can now transfer Dogecoin into their Coinbase Pro accounts. Trading is set to begin on or after 9 a.m. Pacific on June 3, "if liquidity conditions are met," the company said in a recent blog post.

Coinbase further said that once sufficient supply of Doge has been established on the platform, trading will launch in three phases: post-only, limit-only and full trading. "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," the company added.

Coinbase CEO Brian Armstrong promised during a call with investors last month that Dogecoin would be coming to its platform soon. The cryptocurrency, which started out as a joke based on an Internet meme in 2013, is up more than 7,600 percent on the year.

(Elon Musk has been a staunch supporter of Dogecoin this year.)

Notably, Dogecoin isn't yet available to standard Coinbase users or via its consumer mobile app, but the company said it would make a separate announcement "if and when this support is added." Typically, Coinbase adds a cryptocurrency to its retail platform a few weeks after listing on the pro version, according to Coindesk.

Dogecoin prices spiked earlier today to around $0.44 but have since cooled to around $0.42 as of this writing.

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