Coinbase announced Tuesday that it has officially listed Dogecoin on Coinbase Pro, following a teaser earlier this month. This is a significant milestone that exposes the “joke” cryptocurrency to one of the world’s top bitcoin and crypto exchanges.
In a Web post, Coinbase specified that it will immediately begin accepting incoming Dogecoin transfers to Coinbase Pro in regions where trading is permitted.
If there is enough liquidity, trading will start from 9 a.m. on Thursday, according to the post.
Coinbase said that it will start trading Dogecoin in multiple phases before moving towards the full trading. The company will begin with post-only orders and then moving to limit-only orders. And finally, towards full trading.
The Crypto traders also told that it will only go through each stage of the rollout if its evaluation for a healthy and orderly market is reached, as per the company’s trading guidelines.
As per the website post of Coinbase, the company said that Dogecoin in not yet available on coinbase.com or in their mobile app. For that, a separate announcement will be made by the company once they will functionally add the Dogecoin.
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
During a May 15 investor call, Coinbase CEO Brian Armstrong previewed the platform’s forthcoming debut of Dogecoin, stating his goal to accelerate asset addition in the future. Armstrong said that in the crypto economy, more and more assets are being created and one of them is Dogecoin, which has recently received a lot of attention.
IMPORTANT BACKGROUND INFORMATION
Dogecoin, the cryptocurrency which was first launched in 2013 as a joke unlike mainstream crypto like bitcoin, is now becoming more mainstream. The latest additions in the process of becoming mainstream is the recognition by Coinbase. The SpaceX founder Elon Musk has driven the price of the cryptocurrency soaring on numerous occasions through his personal investments and tweets. The value of Dogecoin increased by 20% after Armstrong’s remarks, which coincided with Elon’s revelation that he was working with doge developers to optimize system transaction efficiency.
The huge figure of $43.68 BILLION. This is the market capitalization of Dogecoin as of Tuesday afternoon, making it the 7th largest cryptocurrency. The price of the Dogecoin has also seen growth by almost 5% in the last 24 hours, and it now trades for $0.34.