Dogecoin Bulls in charge after Coinbase makes it official
Without wasting too much time, popular US-based cryptocurrency exchange Coinbase revealed that he would register Dogecoin on his pro-level platform. Investors can start trading DOGE on Coinbase Pro on Thursday, June 3, depending on liquidity, and in the meantime, they can start making inbound transfers.
Coinbase chief Brian Armstrong raised his hand on a Dogecoin listing in mid-May, giving a six to eight week window for the big day. Armstrong, who said at the time this addition of assets is “near and dear” to his heart, could not wait that long. The Dogecoin price started to accelerate as soon as the listing was made official on Tuesday and has not looked back, adding more than 35% to its value in the past 24 hours and silencing critics, for now.
General public adoption
Coinbase is not the first high level listing for Dogecoin. Rival crypto exchange Binance has already pulled the trigger, adding memes-themed cryptocurrency in 2019. In addition, the Robinhood Crypto commission-free trading platform also supports DOGE.
For its part, Coinbase is not only very popular for the ease with which individuals and institutions can trade, but it is also publicly traded, which gives Dogecoin an even greater chance of being adopted by the general public. Google Trend searches for Dogecoin reached ‘peak popularity’ with a score of 100 last month, but have since tumbled. Meanwhile, with Elon Musk tailwinds touting Dogecoin for payments, it’s unclear what might stop this runaway investment in the near term.
Doge vs. Tesla
The Dogecoin community on Reddit is looking to see if Coinbase gains are now built in and once the coin starts trading on the exchange it will be sold. They find courage in Tesla, which went public in 2010 at $ 3.40 per share and currently has a market capitalization of over $ 600 billion. While this might not be an apples to apples comparison, the common thread is Elon Musk and that is enough for many DOGE investors. The next target for DOGE investors is the $ 0.50 level, down from the current $ 0.41 level.
Dogecoin has not yet been added to Coinbase.com or the exchange’s consumer-oriented mobile apps.