Dogecoin, the world’s 6th most valuable cryptocurrency, jumped nearly 15% on Tuesday after Coinbase Pro announced support for DOGE. The exchange announced yesterday that the inbound transfers of Dogecoin are now available in the company’s supported jurisdictions.
According to an official announcement, the trading of Dogecoin will start on Thursday 3 June 2021 at 9 am Pacific Time, subject to the liquidity conditions. Dogecoin is currently trading near $0.37 with a market cap of more than $48 billion.
“Starting immediately, we will begin accepting inbound transfers of Dogecoin to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions are met. Once a 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,” Coinbase mentioned in the announcement.
Apart from the latest announcement regarding the listing of Dogecoin, Coinbase Pro listed the world’s most valuable stable coin Tether (USDT) in April 2021.
DOGE saw significant growth in 2021 in terms of price and adoption. Several organizations around the world including NBA Team Dallas Mavericks and Latvia’s airBaltic started accepting Dogecoin as a mode for payments. In terms of price, DOGE remained extremely volatile this year as the price of the world’s 6th largest cryptocurrency touched a high of $0.72 and a low of $0.26 within 2 weeks of May 2021. Commenting about the latest volatility in Dogecoin, Brian Brooks, former Acting Comptroller of the Currency at the USOCC and current CEO of Binance US, said:
“What we don’t want is a panic over Dogecoin prices to kill Bitcoin or Eth or some of the fundamental innovations that are going on here.”
Dogecoin is now more valuable than several other leading cryptocurrency assets including XRP, Polkadot (DOT), Chainlink (LINK) and Bitcoin Cash (BCH). The crypto market dominance of DOGE now stands at around 3%.