Coinbase Pro Launches Dogecoin Trading
US-based cryptocurrency exchange Coinbase announced that Dogecoin deposits are now available for clients of its Pro platform.
Coinbase Pro is a platform targeted at professional investors or those with a deep knowledge of day trading. Coinbase Pro’s interface is more technical and offers users a wider selection of trading pairs.
The platform intends to start trading Dogecoin on condition that the expected minimum liquidity is reached.
Coinbase shared the announcement on Twitter:
“Starting today, inbound transfers for DOGE are now available in regions where trading is supported. Traders cannot place orders and no orders will be executed. Trading will begin at 9:00 am PT on Thursday June 3rd, or after that date if liquidity conditions are met. ”
Once the conditions are met, traders will be able to exchange their DOGE for Bitcoin and stablecoin (USDT). They have also activated fiat pairs with US dollar, euro and pound sterling.
Since early 2021, Dogecoin has grown from $ 0.004 to $ 0.74 last month. This speaks of a ROI of over 16,000% for those who bought on Jan 1st and sold at their peak.
From that peak, a drop of nearly 50% to its current value puts the cryptocurrency at 8,000% profit in 2021.
DOGE is currently ranked 6th in the world ranking of cryptocurrencies with a market cap of $ 47.5 billion.
But despite all the growth, Dogecoin is still overreacting to memes and announcements. After news from Coinbase, the coin earned 6.51% in one hour, positioning itself at around $ 0.346.
It subsequently corrected to a low of $ 0.35 and then bounced back to the current $ 0.37 level, representing more than 11.4% growth in the past 24 hours.