Dogecoin Spikes After Being Listed on Coinbase Pro
Coinbase, the most important regulated cryptocurrency exchange in the United States – and the only publicly traded one – announced that Dogecoin deposits are now available for clients of its Pro platform.
Coinbase Pro is a platform developed by Coinbase and oriented to professional investors or those with advanced day trading knowledge. Unlike its “vanilla” service, Coinbase Pro’s interface is more technical —as seen on most crypto exchanges— and has a wider variety of trading pairs available to its users.
In addition to the Coinbase and Coinbase Pro services, the company offers other technology solutions such as Coinbase Prime, an OTC desk, a cryptocurrency wallet, blockchain intelligence and analytics services, and digital asset custody.
Coinbase Finally Supports Dogecoin
Dogecoin trading will start in three days, assuming everything goes according to plan and the expected minimum liquidity is achieved.
The platform had already signaled its willingness to list Dogecoin. Still, today’s announcement officializes the move and sets a deadline for the start of trading activities regarding the popular meme coin.
Coinbase shared the announcement on its official blog, assuring that the team is constantly exploring the possibility of supporting new tokens
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
Once conditions are met, traders will be able to exchange their DOGE for BTC and the USDT stablecoin. They have also enabled fiat pairs against USD, EUR, and GBP.
The Puppy Is Now All Grown Up
Dogecoin has grown a lot throughout 2021. In terms of price, it has gone from $0.004 to highs of $0.74 last month, which represents more than a 16,000% ROI for someone who bought on Jan. 1 and sold at the top.
From that peak, the nearly 50% drop to its current value puts the cryptocurrency at 8,000% of profit in 2021, one of the best performing coins in Coinmarketcap’s Top 100.
It currently sits comfortably at number 6 in the global cryptocurrency rankings, with a market cap of $47.5 billion, outperforming the likes of XRP, Solana, Bitcoin Cash, and Stellar. This trend represents a spike from a total valuation of just over $600 million to over $47.5 billion in six months for those who follow market capitalization metrics.
But despite all the growth, Dogecoin remains prone to overreaction to memes and annoucements. Following the news from Coinbase, the coin had a 6.51% pump in one hour, positioning itself in the $0.346 area.
It subsequently corrected to lows of $0.35 and then recovered to its current $0.37 for a growth of more than 11.4% over the last 24 hours.
These are certainly eye-catching numbers that support Coinbase’s decision to become more puppy-friendly.