Coinbase Pro has finally opened up to Dogecoin. From Thursday onwards, the cryptocurrency exchange offers Pro customers the opportunity to trade Dogecoin which has risen considerably in value this year, the cryptocurrency was first established as a joke but its success can be pinned on the Tesla CEO Elon Musk. His constant tweets about the cryptocurrency meant that traders often bought the coin immediately after reading about his endorsement.
As of now, Dogecoin is trading at 40 cents, up around 6000 percent for the current year. It did, however, drop by upwards of 50 percent after reaching its peak in May. This can be largely attributed to the decline in the entire market though.
Coinbase is among the greatest cryptocurrency exchanges in the world. The platform’s Pro service is established for qualified traders. Dogecoin is available on Robinhood’s app as well as Kraken and Gemini for purchase.
Coinbase stated in a blog post that it has plans to begin allowing inbound transfers immediately. The platform plans to begin trading on Thursday around 9 am PST for Dogecoin, granted there is sufficient liquidity after the prompt rollout of accepting Dogecoin deposits, as stated by the report. The exchange is going to be launched in three phases, i.e., post only, limit only, and full trading.
The company also cited its trading rules stating that if at some point the new order books do not comply with their requirements for a well-functioning and healthy market, they might either keep the book restricted to one state for a longer time period or suspend trading altogether.
Dogecoin is not available on Coinbase’s primary site or its mobile applications yet. The company announced for there to be a separate announcement if this were to happen in the future. In that case, for the time being, private investors might have to look elsewhere to invest.
