- Dogecoin rallies 25%, market cap surpasses $54 billion…
- Coinbase to begin phased launch of support for meme-based coin…
- Trading begins on Coinbase Pro June 3…
Dogecoin is off to the races yet again as Coinbase announces it will support the meme-based coin.
The largest crypto trading platform in the world officially made that announcement on Tuesday, saying inbound transfers of the coin would begin immediately.
The value of the altcoin surged more than 25% on the new, trading around 42 cents per coin.
That pushed its market cap above $54 billion and made DOGE the sixth-largest cryptocurrency by market value.
Coinbase said it will expand support for the coin in phases once “sufficient supply” is established on the platform.
The company’s phases for rolling out a new asset are as follows:
- Transfer-only: Customers will be able to transfer the new asset into their Coinbase Pro accounts. Customers will not yet be able to place orders and no orders will be filled on these order books. Trading will begin during business hours Pacific time (PT) and tweeted from the Coinbase Pro Twitter account.
- Post-only: In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
- Limit-only: In the third stage, limit orders will start matching, but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes.
- Full trading: In the final stage, full trading services will be available, including limit, market, and stop orders
Currently, Dogecoin support is in the transfer-only phase and is expected to reach full trading by 12 p.m. Eastern on Thursday, June 3 “if liquidity conditions are met.”
Coinbase said it will post updates on the Coinbase Pro Twitter account as support moves through all phases.
Only Coinbase Pro Users Will Have Access to DOGE
This week’s announcement is good news for Coinbase Pro users looking to be able to trade the altcoin, but regular users won’t have the same access.
In the blog post, Coinbase said, “DOGE is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.”
That means retail investors who trade on the lower tier of Coinbase’s platform will still have to turn to other platforms.
Other crypto exchanges that currently support trading of DOGE include Webull, eToro, Gemini, Kraken, and the stock trading platform Robinhood.
But the Coinbase Pro platform is free and offers users special features like advanced charting and analytics.
The DOGE listing could possibly drive new users to signup for the service.
Musk Praises Listing
Following Coinbase’s announcement on Tuesday, longtime DOGE fan Elon Musk retweeted a meme he had shared last summer of the famed Shiba Inu taking over the global financial system.
The Tesla CEO also told one Twitter user he plans to adopt a Shiba Inu dog when he visits Japan later this year.
Musk himself has been the catalyst for several Dogecoin rallies this year, with the value of the altcoin hitting an all-time high of 74 cents per coin ahead of his SNL appearance in early May.
But that guest-hosting stint was a dud for DOGE traders who were hoping to see the coin soar past $1.00, as the coin fell victim to the old adage “buy the rumor, sell the news”.
The long-awaited Coinbase listing could put that target back in the crosshairs for DOGE.
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