Good news for Dogecoin fans as Coinbase has announced that they will be adding Dogecoin to Coinbase Pro this week.
The company has said that you can now transfer Dogecoin to your Coinbase Pro account ahead of trading which starts tomorrow the 3rd of June.
Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.
What is Dogecoin?
Dogecoin, originally created as a joke in 2013, has grown into one of the most popular cryptocurrencies. It was inspired by the popular “Doge” meme, which features a Shiba Inu dog. Despite its humorous beginnings, Dogecoin has gained a significant following and has been used in various charitable events and crowdfunding campaigns. Its community is known for its friendly and welcoming nature, often referring to themselves as “Shibes.”
Why is Coinbase Adding Dogecoin?
Coinbase’s decision to add Dogecoin to its Pro platform is a significant milestone for the cryptocurrency. This move is likely driven by the increasing popularity and demand for Dogecoin. Over the past year, Dogecoin has seen a massive surge in value, partly due to endorsements from high-profile individuals like Elon Musk and Mark Cuban. By adding Dogecoin, Coinbase is catering to the growing interest and providing its users with more options for trading.
You can find out more details about Dogecoin being available on Coinbase Pro over at the Coinbase website at the link below. Coinbase are expected to make the cryptocurrency available on their main Coinbase platform within the next few weeks.
Implications for Dogecoin Investors
For investors, the addition of Dogecoin to Coinbase Pro could mean increased liquidity and potentially more stability in its price. Coinbase is one of the largest and most reputable cryptocurrency exchanges, and its support can lend credibility to Dogecoin. Additionally, being listed on Coinbase Pro can make it easier for institutional investors to trade Dogecoin, which could further drive its adoption and value.
How to Trade Dogecoin on Coinbase Pro
To start trading Dogecoin on Coinbase Pro, users need to transfer their DOGE to their Coinbase Pro account. Once the transfer is complete, they can participate in the various trading phases: post-only, limit-only, and full trading. Each phase is designed to ensure a healthy and orderly market. In the post-only phase, users can place limit orders that won’t be matched immediately. The limit-only phase allows for limit orders to be matched, and full trading enables all order types.
Future Prospects for Dogecoin
The future of Dogecoin looks promising with its addition to Coinbase Pro. As more platforms and exchanges support Dogecoin, its accessibility and usability will continue to grow. This could lead to more real-world applications and acceptance as a legitimate form of currency. However, it’s essential for investors to remain cautious and conduct thorough research, as the cryptocurrency market is known for its volatility.
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