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Dogecoin price rises sharply following its listing on Coinbase Pro

The Shiba-Inu based cryptocurrency experienced a considerable rise in value after a tumultuous month of market performance.

twitter-logoSarthak Dogra | June 3, 2021 | Updated 20:47 IST
(Image: Twitter/ Next Hedge)

Highlights

  • Dogecoin registered about a 20 per cent growth on Wednesday.
  • The growth was fueled by the cryptocurrency's listing on Coinbase Pro.
  • It remains to be seen if it touches the targeted $1 mark over the coming months.

Meme cryptocurrency Dogecoin experienced a jump in value on Wednesday, recovering much of its value lost over a month of dampened performance in the markets. The Shiba Inu-based crypto surged over 20 per cent, thanks to its listing on the US-based crypto exchange Coinbase.

Coinbase announced that it will list the token for the professional user base of its platform. The announcement on Wednesday cleared that the company has started accepting inbound transfers of Dogecoin to Coinbase Pro, the paid membership variant of its crypto exchange.

In a blog post, Coinbase stated, that the actual trading ""will begin on or after 9 am Pacific Time (PT) Thursday, 3 June, if liquidity conditions are met."

Prior to this, Dogecoin could only be traded on platforms like CoinDCX, WazirX and CoinSwitch Kuber. The listing of the cryptocurrency on Coinbase, one of the biggest cryptocurrency exchanges in the world, is a huge plus for its legitimacy as a strong contender in the crypto market.

This is also because Coinbase Pro is mainly used by professional cryptocurrency traders and is thus selective in its listings. The exchange now states that trading on Dogecoin will launch on the platform in three phases - "post-only, limit-only and full trading", once sufficient supply of it is established on the platform.

The listing still restricts the cryptocurrency to the professional version of the platform. Regular Coinbase users will still not be able to trade Dogecoin for now.

The cryptocurrency has experienced a more than 20 per cent increase in value since the announcement, reaching up to $0.40. The surge comes after a tumultuous month for cryptocurrencies in general, largely thanks to the crackdown by China on their mining and use.

Dogecoin's rise also fueled the surge of other alt currencies in the market, including the likes of Shiba Inu. The cryptocurrency has been targeted for a run to $1 in value over the months by its fans. It remains to be seen if it can touch the mark after experiencing the massive value dip in the time gone by.

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