- The meme-based cryptocurrency Dogecoin gets listed on Coinbase Pro
- Trading can begin on June 3 when liquidity conditions are met
- The cryptocurrency grew by 6.000% this year
Coinbase Pro announced this Tuesday that Dogecoin will become available on Coinbase Pro the moment the liquidity conditions are met.
When we look at Dogecoin, it initially started off as a meme, or a joke, however, over time its value sky-rocketed due to various tweets by the billionaire as well as Tesla CEO Elon Musk. At the time of writing, it’s trading at 41 cents.
Coinbase is one of the world’s biggest cryptocurrency exchanges out there, and it has plans on introducing the option to trade it on Thursday, June 3rd, and this will be the case if there is enough liquidity after the immediate rollout of accepting inbound transfers. Now, the exchange will be launched in three phases.
In their blog post, Coinbase mentions that they will immediately begin accepting inbound transfers of Dogecoin to Coinbase Pro in regions where trading is supported once it begins on Thursday. It will stagger the crypto’s rollout, announcing that it will only allow post-only orders, and then limit-only orders before they move to full trading.
When we take their trading rules into consideration, Coinbase said that they will only move through each phase of the rollout when its assessment for a healthy and orderly market has been met.
If we look at the history of the company, their CEO known as Brian Armstrong teased the platform’s launch of Dogecoin throughout a May 15 investor call, where he outlined his intention to accelerate the asset’s addition sometime in the future.
This Coinbase listing, which has gathered a lot of excitement as of recently, is the latest in a series of momentum-inducing boosts for Dogecoin.
Dogecoin’s market cap as of Tuesday afternoon was $43 billion. Today, on Wednesday it is at $55 billion.
When we discuss Dogecoin, it is important to note that this is a currency based on the popular “doge” Internet meme that features a Shiba Inu on its logo, and is an open-source digital currency created by Billy Markus as well as Jackson Palmer. It was forked from Litecoin in December of 2013.
Throughout the past year, Elon Musk kept tweeting about it and is the self-proclaimed “dogefather”. These tweets managed to get the price of the coin to sky-rocket in value, but more importantly, raised a lot of interest in cryptocurrency trading as a whole, which resulted in the currency being taken a lot more seriously, which is slightly ironic given the fact that it was created as a joke.
With its current market cap and listing, that joke is shaping up to be quite a serious currency, and if we compare it to Bitcoin and Ethereum, which are still suffering from recent market volatility, both of their prices have been dropping, while Dogecoin has been rising.
Looking back at Dogecoin, 10,000 new coins are mined every single minute without a maximum supply cap. DOGE is not yet available on Coinbase.com or through their Customer mobile apps, and they will make a separate announcement when the support is fully implemented.
To learn more about Dogecoin visit our Investing in Dogecoin guide.
Aside from that, Coinbase has added support for Internet Computer (ICP), Origin Token (OGN), Ankr (ANKR) Curve DAO Token (CRV), Storj (STORJ), Cardano (ADA), SushiSwap (SUSHI), Polygon (MATIC), Cartesi (CTSI), iExec (RLC), Mirror Protocol (MIR), Tellor (TRB), Tether (USDT), Ampleforth Governance Token (FORTH),1inch (1INCH), Enjin Coin (ENJ), NKN (NKN), SKALE (SKL), and The Graph (GRT), which indicates that Coinbase is truly one of the most well-equipped platforms when it comes to trading different kinds of cryptocurrencies.