Dogecoin Set to be Available on Coinbase in Coming Weeks
Coinbase has made an official entry into the dogecoin market. On Tuesday, traders who have registered as Pro users will be able to trade dogecoin, a cryptocurrency that began as a joke but has acquired popularity this year owing to Elon Musk, the CEO of Tesla Motors and SpaceX.
Dogecoin has reached $0.32 throughout the course of the year, representing a 6,000 percent increase in value year on year. Despite these record heights, the price has dropped by over half since its peak in May, and continues to decrease.
Coinbase is one of the world’s biggest cryptocurrency exchanges at the time of writing, and as such, it offers a premium service called ‘Pro’ for experienced traders. To buy Dogecoin using the Robinhood app and Gemini, you must first purchase Bitcoin or Ethereum on one of those exchanges. Coinbase said in a blog post that they will begin accepting deposits into Coinbase Pro as soon as possible. Dogecoin trading will begin in supported areas on or after 9 a.m. Pacific Time on Thursday, if enough liquidity is available.
Throughout the game, a variety of exchanges will take place. The company plans to launch three products: a post-only offering, a limit-only offering, and a full trading program. The firm cautioned that if a new order book did not match their assessment of a healthy and orderly market at any stage throughout the growth, they would be compelled to stop the growth immediately.
According to JPMorgan, large investors aren’t buying bitcoin at current prices, and prices might fall much more. Cathie Wood predicts that deflation will return, which would help equities of firms that rely on technical innovation, as well as bitcoin.
Coinbase does not yet support Dogecoin on its main website or in any of its consumer mobile apps. According to the company, “we will provide a separate announcement if and when this support is introduced.” Ordinary investors will have to hunt elsewhere for chances for the time being.
Surprisingly, Coinbase has earned more money from trading and storing the two most popular cryptocurrencies, bitcoin and ethereum, than from selling them.
Brian Armstrong, the CEO of dogecoin, has openly expressed his admiration for the meme-inspired dogecoin. On the company’s earnings call on May 13, Armstrong emphasized asset acquisition, saying, “Assets are something near and dear to my heart.” He indicated that the business will begin providing dogecoin tokens over the next six to eight weeks, citing the upswing in cryptocurrencies, including dogecoin, to be a good investment.