After years of silence, Coinbase finally added support for Dogecoin. The currency can be traded in three days.
Coinbase, the largest regulated cryptocurrency exchange in the United States – and the only publicly traded – announced that Dogecoin deposits are now available to customers of its Pro platform.
Coinbase Pro is a platform developed by Coinbase and aimed at professional investors or those with advanced knowledge of day trading. Unlike its “vanilla” service, Coinbase Pro’s interface is more technical — as seen on most exchanges — and has a greater variety of trading pairs available to its users.
In addition to Coinbase and Coinbase Pro services, the company offers other technology solutions such as Coinbase Prime, an OTC desk, a cryptocurrency wallet, blockchain intelligence and analysis services, and digital asset custody.
Coinbase finally supports dogecoin
Trading on Dogecoin will begin in three days, assuming everything goes according to plan and minimum expected liquidity is achieved.
The platform had already signaled its willingness to list Dogecoin. Still, today’s announcement makes the change official and sets a deadline for the start of commercial activities in relation to the popular meme currency.
Coinbase shared the announcement on its official blog, ensuring that the team is constantly exploring the possibility of supporting new tokens
As of today, inbound transfers to DOGE are now available in regions where trading is supported. Traders cannot place orders and no orders will be fulfilled. Trading will begin at 9:00 am PT on Thursday, June 3, if liquidity conditions are met.
Once conditions are met, traders will be able to exchange their DOGE for BTC and stablecoin USDT. They also enabled fiat pairs against USD, EUR and GBP.
Dogecoin values after being listed on Coinbase Pro
Dogecoin has grown tremendously throughout 2021. In terms of price, it went from $0.004 to $0.74 last month, which is more than 16,000% ROI for someone who bought on Jan. 1 and sold at the top.
From that peak, the nearly 50% drop in its current value puts the cryptocurrency at 8,000% of profit in 2021, one of the best performing currencies in the Top 100 of the coinmarketcap.
It currently sits comfortably in sixth position on the global cryptocurrency rankings, with a market capitalization of $47.5 billion, outperforming companies such as XRP, Solana, Bitcoin Cash and Stellar. This trend represents a peak from a total valuation of just over $600 million to over $47.5 billion in six months for those following market capitalization metrics.
But despite all the growth, Dogecoin remains subject to overreactions to memes and ads. Following the Coinbase news, the currency had a 6.51% bomb in one hour, positioning itself in the $0.346 area.
It was later corrected to lows of $0.35 and then rebounded to current $0.37, with growth of more than 11.4% in the last 24 hours.
These are certainly attractive numbers that support Coinbase’s decision to become friendlier to the puppies.