The” Coinbase effect ” caused the price of the meme coin to rise this morning, so that it recaptured the $ 0.39 mark
Yesterday, Coinbase announced on their blog the long-awaited listing of Dogecoin( DOGE) on Coinbase Pro. In the minutes after this news, the DOGE price increased by 5,4%.
After the attention of Elon Musk and the meteoric rise in prices this year, many investors began to take an interest in the meme coin. Since the beginning of the year, the coin has increased by more than 15,400%, reaching its all-time high of $ 0.76 last month.
While the Tesla CEO mostly only distributed memes via Dogecoin, he tweeted last month: „Work with Doge developers to improve the efficiency of system transactions. Potentially promising.”This led to renewed demand for the coin among investors and Coinbase has obviously become wary.
As of yesterday, customers in Coinbase-supported jurisdictions will be able to transfer DOGE to their Coinbase Pro account, with the go-ahead for DOGE trading scheduled to begin on Thursday, June 3rd at 18: 00 CEST.
The start of DOGE trading is subject to the fulfilment of liquidity conditions. The order books will start in three phases: Post-Only, Limit-Only, and finally, Full Trading. Once the DOGE offer on the platform is sufficient, trading will open for DOGE trading pairs with BTC, USDT, USD, GBP and EUR.
Coinbase strives to include all digital assets that meet its standards and are compliant with rules. After Coinbase Pro launched trading in several other cryptocurrencies last month, Dogecoin listing now follows. Other new cryptocurrencies include Solana (SOL), Curve DAO Token (CRV), Internet Computer (ICP), Mirror Protocol (mir), and Cartesi (CTSI).
Dogecoin is currently neither on Coinbase.com still available on Coinbase’s consumer mobile apps and the exchange has not yet announced any plans to support DOGE on these platforms in the future.
At the time of writing this article, DOGE is up 21% at $ 0.39 following yesterday’s announcement. In the last 24 hours, the exchange recorded a trading volume of $ 7.7 billion. The “Coinbase effect” could continue this upward movement.