On Wednesday, Dogecoin enjoyed a significant increase in value, recouping much of the value lost during a month of sluggish market performance. Because of its inclusion on the US-based crypto exchange Coinbase, the meme-inspired cryptocurrency has increased by more than 20%.
Coinbase has stated that it will offer the token for its professional user base. The company said on Wednesday that it has begun accepting inbound transfers of Dogecoin to Coinbase Pro, its paid membership variation of its crypto exchange.
Coinbase claimed in a blog post that actual trading “”would commence on or after 9 a.m. Pacific Time (PT) Thursday, 3 June, if liquidity conditions are met.”
Dogecoin could previously only be exchanged on platforms such as CoinDCX, WazirX, and CoinSwitch Kuber. The cryptocurrency’s inclusion on Coinbase, one of the world’s largest cryptocurrency exchanges, is a tremendous boost to its credibility as a major contender in the crypto market.
This is also due to the fact that Coinbase Pro is mostly utilized by experienced bitcoin traders and so is picky in its listings. The exchange now indicates that trading on Dogecoin will begin in three stages – “post-only, limit-only, and full trading” – after adequate supply is established on the platform. The cryptocurrency is still restricted to the platform’s professional version, according to the listing. Regular Coinbase users will still be unable to trade Dogecoin for the time being.
The rise of Dogecoin has also fuelled the emergence of other alt currencies in the market, such as Shiba Inu. Fans of the cryptocurrency have been predicting a run to $1 in value in recent months. It remains to be seen whether it can regain its footing after suffering a major value drop in recent years.