Dogecoin Soars by 31.29% After Coinbase Pro Began Accepting Transfers

Coinbase Pro has commenced acceptance of Dogecoin transfers as at the first of June.

According to the Coinbase website, if the market has enough Dogecoin for trading, the trading service will start at or after 9 a.m. Eastern Time (2 p.m. Nigerian time) on the 3rd, and the trading method will be carried out in a staggered manner.

Starting today, inbound transfers for DOGE are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday June 3, if liquidity conditions are met. https://t.co/sFYODy4Xma

— Coinbase Pro (@CoinbasePro) June 1, 2021

As soon as the news broke, Dogecoin immediately soared to 33 cents in an excited reaction that is music to the ears of investors.

According to Coindesk, the trading price of Dogecoin broke the 40 cents threshold as of 12 noon today, sitting at 43 cents as at press time, an increase of 31.29 percent in the last 24 hours, and soaring nearly 6,000% this year. However, it is still down by more than 50% since its peak in May.

The Joker Breaking Barriers

Coinbase hosts different products and fronts as an hybrid of exchanges and wallets, which can buy, sell, and store cryptocurrencies. In this sense, Coinbase Pro can be said to be a professional trading platform variant of Coinbase, where users can conduct more meta-market transactions.

The Coinbase project is launched in three phases, namely post-only, limit-only, and full trading.

It means that at any time, if a new order is evaluated, it is deemed not to be sound and orderly. The market may delay for a period of time or suspend trading.

However, Dogecoin is currently not available on the Coinbase main website or mobile app. Coinbase said that if there are additional support functions in the future, it will announce it again.

Although Dogecoin started as a joke, it has soared with the help of Tesla CEO, Elon Musk, and it has now become the fourth largest cryptocurrency with a market value of 51 billion US dollars.