Coinbase Pro, the cryptocurrency exchange’s professional trading arm, has started accepting Dogecoin (DOGE) inbound transactions, paving the way for greater use of the meme-based digital asset.
Coinbase Let Doge In
The exchange said Tuesday afternoon that trading of DOGE will begin on Coinbase Pro on Thursday at 4:00 p.m. UTC, assuming liquidity conditions are met.
Starting today, inbound transfers for DOGE are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday June 3, if liquidity conditions are met. https://t.co/sFYODy4Xma
— Coinbase Pro (@CoinbasePro) June 1, 2021
DOGE will initially be available in five trading pairs: DOGE/USD, DOGE/BTC, DOGE/EUR, DOGE/GBP, and DOGE/USDT. Order books will be available in three stages, starting with post-only, then limit-only, and finally 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,” Coinbase said.
Dogecoin is currently trading at 36 cents, up almost 6,000% for the year. However, it’s dropped by more than 50% since reaching a high in May. $43.68 billion is the market capitalization of dogecoin as of Tuesday afternoon, making it the seventh-largest cryptocurrency. The price of the token has also increased by almost 5% in the last 24 hours, and it now sells for $0.34. Bitcoin and Ethereum, on the other hand, have both seen their prices fall since Monday as a result of current market crash.
Coinbase CEO Brian Armstrong teased the platform’s then-impending launch of dogecoin during a May 15 investor call, outlining his intention to “accelerate asset addition into the future.” “There are more and more assets being created in the crypto economy,” Armstrong said. “One of those is doge … which has been getting a lot of attention recently.”
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Dogefather Has Been Behind Dogecoin Push
Tesla billionaire Elon Musk, the self-proclaimed “dogefather,” has repeatedly sent the price of the coin flying through his personal investments and internet promotions. Doge’s value surged by 20% after Armstrong’s comments coincided with an announcement from Elon that he was “working with doge devs to improve system transaction efficiency.” Twitter activity surrounding DOGE also briefly surpassed the flagship crypto asset at the beginning of the year.
🎶 Who let the Doge out 🎶
— Elon Musk (@elonmusk) February 7, 2021
With his distinctive sense of humor, Musk had found it ironic that the coin has the potential to be the world’s reserve currency. Musk said:
Which one it is going to be? Maybe it’ll be multiple, it should be considered speculation at this point. The point is that Dogecoin was invented as a joke, as essentially to make fun of cryptocurrencies. Fate loves irony, what it would be the most ironic outcome? That the currency that was invented as a joke, in fact becomes the real currency. To the moon!
Related article | Elon Musk Prefers Dogecoin Over Other Alts Because Of The Memes
Featured image from PixaBay, charts from TradingView.