Dogecoin briefly replaced XRP as the fourth-largest coin early Monday.
“The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies,” said one analyst.
Coinbase is known for its expensive trading fees yet it's still not listing doge, one of the most traded tokens.
Also, 98 cryptocurrencies are now valued at more than $1 billion each.
Dogecoin doesn't trade on Coinbase but it has rallied ahead of the exchange's shares trading on the Nasdaq.
Should the rumor be true, evidence that the CEO has been a vocal booster of DOGE won't be hard to find.