Coinbase Opens Dogecoin to Professional Traders

US exchange giant Coinbase has listed Dogecoin to its Pro account, a few weeks after the company’s CEO announced plans to launch trading of the cryptocurrency.

Retail Investors on Coinbase Still Have to Wait 

One of the world’s largest cryptocurrency exchanges Coinbase has listed the meme-inspired Dogecoin to its trading platform, the company announced on Tuesday. As of June 1, DOGE is available for transfer to users’ professional trading accounts, the US platform said in a blog post.

Trading is expected to start on supported locations on or after 9 a.m. Pacific Time (PT), June 3, if liquidity conditions are met. The cryptocurrency will be exchanged against the dollar, euro, British pound, Tether, and Bitcoin. The US platform did not unveil if it will add Dogecoin to its retail platform. However, retail support for cryptocurrencies is usually available a few weeks after their launch on its professional Coinbase Pro account.

Coinbase highlighted that in contrast to Bitcoin, which has a limited supply, Dogecoin has no such cap and every minute there are 10,000 new coins on the market. Crypto traders can buy and sell Dogecoin through Robinhood and Gemini as well.

Coinbase will launch Dogecoin in three phases: post-only, limit-only and full trading, according to the announcement. The company added that:

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading.”

Dogecoin Surges by 6,000% in 2021

Coinbase CEO Brian Armstrong first announced plans to list Dogecoin during the company’s Q1 earnings call last month. On June 1, the meme token closed the trading day at $0.37, reporting a record spike of more than 6,000% since the beginning of the year, when it stood at $0.005.

The price of the digital coin was repeatedly boosted by the tweets of Tesla CEO Elon Musk, albeit the renowned entrepreneur said those posts should not be taken seriously. In his latest status, the business magnate shared an image of a dogecoin Shiba Inu dog in front of a computer with the following phrase:

Previously, Musk put an image on Twitter, showing a dogecoin cloud rolling over the “global financial system” with the caption “it’s inevitable”. In May, Dogecoin reached an all-time high of $0.69 and displaced Ripple as the fourth largest crypto asset. The latest announcement of Coinbase sent the cryptocurrency up by 20%.

Leave a Reply

Your email address will not be published. Required fields are marked *