On Thursday, Dogecoin, the joke cryptocurrency that hit record highs in May, will begin trading on Coinbase, the world’s biggest cryptocurrency exchange. For a limited time, the Coinbase Card will be compatible with Apple Pay and Google Pay, allowing cardholders to utilize their bitcoin to pay for goods made via the payment systems.
According to a company blog post, Coinbase Pro customers may begin adding Dogecoin to their accounts on Tuesday in anticipation for when trading begins on Thursday at noon ET/9 a.m. PT.
According to Coinbase, there must be enough Dogecoin available for trades, and trading may be halted if the market “does not match our evaluation for a healthy and orderly market.”
In 2021, Dogecoin skyrocketed, beginning the year with a value of less than a cent. It subsequently started to appreciate in value, thanks in part to Tesla CEO Elon Musk’s increased backing. It reached a high of 72 cents on May 7, only days before Musk presented a Saturday Night Live episode.
Its value has recently fallen as a result of reports that China may prohibit cryptocurrency trading in the nation, as well as Musk’s announcement that Tesla will no longer accept Bitcoin for purchases owing to environmental concerns. Dogecoin’s entry into the world’s biggest cryptocurrency market might give it a boost in value.
Dogecoin has soared to a market valuation of more than $50 billion after obtaining support from Elon Musk and Mark Cuban.
Coinbase’s Need for DOGE
According to Coinbase, the proliferation of cryptocurrencies such as Dogecoin and Binance Coin is a barrier since competitors accept them whereas Coinbase does not. Recent trading activity in certain marketplaces has been quite strong, suggesting that potential purchasers have either abandoned or opened accounts on other exchanges where they may trade.
Coinbase is one of the world’s leading cryptocurrency exchanges, and its Pro service is geared for professional traders. Dogecoin may also be purchased using the Robinhood app and Gemini.
Individual traders and crypto enthusiasts may use Coinbase Pro as a trading platform. It provides a safe and simple means to purchase, sell, and trade digital assets via the internet in a variety of trading pairings. You can follow the market, check trading history, monitor open orders, manage multiple portfolios, and more with a Coinbase Pro account.
What is Coinbase?
Coinbase is a cryptocurrency exchange based in San Francisco, California. Since its debut in 2012, the exchange has allowed users to buy and trade a variety of cryptocurrencies, including bitcoin and ethereum. The corporation has spent about $540 million on its own acquisitions.
Coinbase is a cryptocurrency exchange based in San Francisco, California. The supplier can manage Bitcoin, Bitcoin Gold, Ethereum, and Tezos in 190+ countries, as well as offer Bitcoin storage in 190+ locations, in addition to taking regular fiat currencies in 32 countries.