Users of the Coinbase Pro cryptocurrency trading platform can trade Dogecoin from today. A phased approach will be taken for the roll-out of order books, with the roll-out of Dogecoin on the standard Coinbase platform to come at a later date if it is eventually rolled out there. The arrival of Dogecoin on Coinbase Pro is another milestone for the meme currency, which has seen remarkable growth since the beginning of the year.
Dogecoin was created in 2013 as a satirical take on cryptocurrency, intended to have a broader appeal than other cryptos that can be seen as overly technical and exclusionary. It is based on the Doge meme, using the related Shiba Inu image as part of its logo. For most of its existence, Dogecoin made little in the way of major gains in price, remaining below $0.1 in value. That value has been pushed up since January, though, through support from Elon Musk and a strong online community, reaching an all-time high of $0.74 in May.
On Tuesday, Coinbase announced that Coinbase Pro had begun accepting inbound transfers of Dogecoin with the intention of moving towards full trading support for the currency. It first needed to build up sufficient reserves on the platform, after which trading can begin. DOGE-USD trades opened first, with DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT following.
Dogecoin's Rollout On Coinbase Pro
Trading began shortly after 9am PT today (June 3) and is opening up in three stages: post-only, limit-only, and then full trading. Coinbase says that each order book will be kept open for as long as is required to ensure a "healthy and orderly market." Of the potential rollout of Dogecoin to the standard Coinbase platform, the company said: "DOGE is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added."
Dogecoin is one of a number of new assets that Coinbase has added support for of late, with it noting that adding more assets for trading is one of the most common requests it receives. It says it is continuing to explore the possibility of adding new digital assets. Among the most popular currencies traded on the platform at present are Bitcoin, Ethereum, and Binance Coin. It claims to have $223 billion worth of assets on its platform.
Source: Coinbase