Coinbase stated Tuesday that it has formally listed dogecoin on Coinbase Pro, a huge milestone that exposes the “joke” cryptocurrency to one of the world’s top bitcoin and crypto exchanges, after teasing it earlier this month.

In a blog post, Coinbase stated that it will “immediately” begin accepting inbound dogecoin transfers to Coinbase Pro in regions where trading is permitted.

If there is enough liquidity, trading will commence at 9 a.m. PT on Thursday, according to the post.

Coinbase said it will phase in the cryptocurrency, starting with post-only orders and then moving to limit-only orders before moving to full trading.

Coinbase said it will only go through each phase of the rollout if its evaluation “for a healthy and orderly market” is reached, as per its trading regulations.

The blog stated that “DOGE is not yet available on exposedcrypto.com or via our Consumer mobile apps,” and that a “separate announcement will be made if and when this functionality is added.”

CRUCIAL QUOTE

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 into the future.” “In the crypto economy, more and more assets are being created,” Armstrong added. “One of them is doge, which has recently received a lot of attention.”

KEY BACKGROUND

The Coinbase inclusion is the latest in a string of momentum-inducing boosts for dogecoin, which was launched in 2013 as a witty alternative to more mainstream cryptocurrencies like Bitcoin. Elon Musk, the self-proclaimed “dogefather,” has driven the price of the cryptocurrency soaring on numerous occasions through his personal investments and internet marketing. The value of Doge increased by 20% after Armstrong’s remarks, which coincided with Elon’s revelation that he was “working with doge programmers to optimize system transaction efficiency.”

BIG NUMBER

$43.68 billion in total. This 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 turbulence.

Source: Forbs


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BuyUcoin Blog | By Anubha Singh