Dogecoin jumps as trading set to begin on Coinbase Pro



© Reuters

By Samuel Indyk

Investing.com – The price of jumped to its highest since 21st May after Coinbase announced late Tuesday that the meme-based cryptocurrency would launch on Coinbase Pro.

Users can now begin transferring Dogecoin into their Coinbase Pro accounts with trading set to begin from 9am Pacific time (17:00BST) on 3rd June if liquidity conditions are met.

Dogecoin is still not available on Coinbase.com or via the consumer mobile applications but the exchange said they will make a separate announcement if and when this support is added.

Trading on Coinbase Pro will launch in three phases based on the size of the order books and liquidity profile. Firstly, post-only will launch, then limit-only and finally full trading.

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading,” the cryptocurrency exchange said in a statement.

About Dogecoin

Dogecoin has rocketed in price and popularity in 2021, supported by comments from Tesla’s (NASDAQ:) CEO Elon Musk. Musk often tweets about the dog-inspired cryptocurrency and has helped propel the price over 8000% higher year to date.

However, Dogecoin still trades around 47% below its all-time high hit last month as cryptocurrencies have generally pulled back on fears of increased regulation and slower institutional take up than hoped for when Tesla began accepting payment for its vehicles in .

The news of Dogecoin’s integration into Coinbase should not come as a surprise. During the company’s quarterly earnings last month, the Coinbase CEO said to expect Dogecoin to arrive on the platform within 6 to 8 weeks.

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At 10:40BST, Dogecoin trades around $0.39, up 22.6% over the last 24 hours, making it the best performing cryptocurrency in the top 10.

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