Coinbase Pro, the professional branch of the crypto exchange of the same name, will accept Dogecoin (DOGE) for incoming transactions from Thursday. This paves the way for greater use of the meme-based digital asset.
Coinbase Lets Doge In
According to the Exchange, trading of DOGE on Coinbase Pro will begin on Thursday at 16:00 UTC – provided liquidity conditions are met.
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
DOGE will initially be available in five trading pairs: DOGE / USD, DOGE/BTC, DOGE/EUR, DOGE/GBP, and DOGE/USDT. The order books will be available in three stages, starting with post-only, then limit-only and finally full trading.
Coinbase do this:
“If at any time one of the new order books does not meet our assessment of a healthy and orderly market, we may keep the book in a condition for an extended period of time or suspend trading in accordance with our trading rules.“
Dogecoin trades at 37 cents-an increase of nearly 6,000% in 2021. However, DOGE has fallen more than 50% since hitting a May high. $49 Billion is the market capitalization of Dogecoin currently, making DOGE the sixth largest cryptocurrency. The price of the token has also increased by almost 15% in the last 24 hours.
Coinbase CEO Brian Armstrong:
“More and more assets are being created in the crypto-money economy. One of them is Doge… who’s been getting a lot of attention lately.”
Elon Musk and Dogecoin
Tesla billionaire Elon Musk, the self-proclaimed “Dogfather”, has repeatedly raised the price of the coin through his personal investments and Internet promotions. Doge’s value rose 20% after Armstrong’s comments coincided with an announcement by Elon that he is “working with Dogecoin developers to improve the efficiency of system transactions.“ Twitter activity around DOGE also briefly surpassed the value of Bitcoin at the beginning of the year.
🎶 Who let the Doge out 🎶
– Elon Musk (@elonmusk) February 7, 2021
With his keen sense of humor, Musk apparently found it ironic that the coin has the potential to become the world’s reserve currency. Musk on this:
,Which one will it be? Perhaps there will be several, which at this point should be considered speculation. The point is that Dogecoin was invented as a hoax, essentially to make fun of cryptocurrencies. Fate loves irony, what would be the most ironic result? That the currency, invented as a joke, in fact becomes the real currency. To the moon!“
Text evidence: Bitcoin
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