Coinbase Finally Adds Dogecoin, Price Spikes

Jun 1, 2021 | Decrypt News | 0 comments

coinbase-finally-adds-dogecoin,-price-spikes

Popular US exchange Coinbase is adding Dogecoin to its Pro trading platform.

According to a blog post today, users can begin transferring DOGE into their accounts, with trading set to begin on June 3, provided the exchange has enough liquidity in the token.

The exchange will list five trading pairs for the token: against the dollar, euro, British pound, Tether, and Bitcoin.

Dogecoin is the seventh-largest cryptocurrency with a market cap of $43.7 billion. The price of DOGE is up 5% in the last hour and is now selling for $0.33.

That may not seem like a lot, given recent cryptocurrency market volatility, but it represents the largest upward movement of any token in CoinGecko’s top 100. Bitcoin and Ethereum are both down for the day.

DOGE, created as a jokey riff on Bitcoin, was until this year perennially worth under a penny. Yet Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban have championed the token for its transactional capabilities, sending the price as high as $0.74 last month.

Elon Musk and Mark Cuban Are Pushing Dogecoin for Payments—And BitPay Data Backs Them Up

Though it’s listed on multiple exchanges, it’s gained increased prominence through the growing popularity of crypto trading on the Robinhood mobile app, where it’s one of just seven assets listed.

The addition to Coinbase may further help its prospects. Coinbase is in the top five for daily trading volume, according to Nomics; it is the top exchange open to US crypto traders.

DOGE is not yet available on Coinbase’s standard app; Coinbase Pro is free to use but is designed for more experienced traders.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

News Source from Decrypt.co

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