Coinbase Pro lists Dogecoin after the coin’s meteoric rise this year

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Jun 2, 2021
  • DOGE trading is set to start at 4:00 PM UTC tomorrow once liquidity conditions are met.
  • DOGE is set trade against BTC, USDT, USD, and EUR provided all order books perform well.
  • After being listed, DOGE has gained 18.19% despite the poor performance of the crypto market.

Coinbase exchange has finally warmed up to Dogecoin (DOGE), the fun-themed digital currency by listing it on Coinbase Pro. The company announced this news on June 1, noting that it started accepting DOGE deposits immediately after listing. Similar to other coins, the Shiba Inu-inspired cryptocurrency will have to wait until liquidity conditions are met.

According to the announcement, trading should commence tomorrow at 4:00 PM UTC, provided there is a sufficient supply of DOGE on the platform. DOGE will have four trading pairs. These are DOGE/USD, DOGE/BTC, DOGE/EUR, and DOGE/USDT. However, these pairs must go through the exchange’s post-only, limit-only, and full trading stages before becoming available.

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If any order book fails to meet the exchange’s test for a healthy and organized market, Coinbase said that it would have to hold it in one stage longer or suspend it altogether. To keep clients updated, Coinbase said it would post updates on the Coinbase Pro Twitter handle as the order books go through the different phases.

Seeing as this listing is strictly meant for professional traders, DOGE will not be available on Coinbase.com or the exchange’s consumer apps. However, Coinbase noted that it would make a separate announcement should it decide to let all clients trade DOGE.

DOGE registers double-digit gains following listing

As is the norm after Coinbase lists a cryptocurrency, the coin gains due to the effect of getting the support of one of the biggest crypto exchanges in the world. DOGE was not an exception, seeing as the coin recorded double-digit gains despite the lingering bearish trend in the crypto market.

At the time of writing, DOGE/USD is up 18.19% over the past 24 hours to change hands at $0.3939 (£0.2786). In comparison, Bitcoin (BTC), the leading crypto by capitalization, has only managed to surge 1.12% over the same period to trade at $37,192.58 (£26,310.96). Ether (ETH), the second-largest cryptocurrency, has also gained marginally to trade at $2,685.18 (£1,899.09).

This news comes after Brian Armstrong, Coinbase’s CEO, previously announced that Coinbase would list DOGE. At the time he said that the exchange was looking to expedite the adoption of more digital assets as he steers it to become the App Store for cryptocurrencies.

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