Coinbase Pro, the professional trading arm of Coinbase Cryptocurrency Exchange, has started accepting inbound transfers for Dogcoin (Doge), setting the stage for widespread adoption of meme-based digital assets.
DOGE trading will go live on Coinbase Pro on Thursday at 9:00 AM Pacific Time, provided liquidity conditions are met, the exchange announced Tuesday pm.
Starting today, inbound transfers to DOGE are now available in regions where trading is supported. Merchants cannot place orders and no orders will be filled. If the liquidity conditions are met, trading will commence on or after Thursday, June 3 at 9 am. https://t.co/sFYODy4Xma
— Coinbase Pro (@CoinbasePro) 1 June 2021
Initially, DOGE will be supported in five trading pairs including DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP and DOGE-USDT. The order book will launch in three phased stages, starting only post-only, followed by limit-only and then full-trading.
“If at any time one of the new order books does not meet our valuation for a healthy and orderly market, we can keep the book in a state longer or suspend trading according to our trading rules , “Coinbase said.
DOGE price appears to have reacted positively to the news, gaining over 3% in afternoon trading, accordingly For Trading View. Of course, such gains pale in comparison to the exponential growth for the meme-based cryptocurrency during the first five months of 2021.
Dogecoin has entered the mainstream due to a strange confluence of factors, which include Elon Musk’s clear endorsement of the coin and Broad support from Robinhood merchants. During Market Craze, DOGE Liquidation Overtook Bitcoin (B T c), Underline the high demand for property. Twitter activity around DOGE as well Briefly surpassed major crypto assets at the beginning of the year.