DogeCoin – one of the coins that is driving the 2020/2021 bull market has been listed on Coinbase Pro exchange since June 3. This is a real breakthrough for the meme cryptocurrency and a simultaneous incentive for many speculators.
Dogecoin is a cryptocurrency that is very popular among the younger generation. It is a coin that was created in 2013 as a sort of caricature of Bitcoin. Despite the fact that it does not carry any fundamental value and has bugs in the algorithm, causing unlimited supply, it is very popular. Doge is driven by a wide range of supporters, who as recently as the first half of 2020 have stated that they want to bring its value to a minimum of $1. Adding fuel to the fire is the fact that it is also generating a lot of interest among newcomers to the market thanks to its dynamic movements.
This is how DogeCoin came to Coinbase. The exchange, which has recently been famous for its movement of institutional investors fighting for the retail market, decided to add the popular dog to its offering. So far, Bitcoin and Ethereum have been the most popular on the platform. The exchange’s trading volume, in the area of these two coins, amounted to 60% in the first quarter of this year. It should be noted, however, that the popular American exchange has more than 100 other coins in its offering.
On the Coinbase Pro exchange, Dogecoin trading will be possible in pairs to the US dollar, euro, British pound, USDT and Bitcoin.
Listing impact on Dogecoin price
A few days before Dogecoin’s official hookup on Coinbase, the price of the popular dog rocketed upwards. From May 31 to June 2, it recorded an increase of up to 54%, reaching a price of $0.463 in the process. However, following the “buy the rumors, sell the facts” rule, Doge recorded a decrease of 5.5% on the listing day. The following days were also not the most successful. They were largely due to the Bitcoin movement, which significantly impacted the entire cryptocurrency market.
The future of DogeCoin
DogeCoin’s listing on an exchange like Coinbase has generated a lot of interest in the cryptocurrency community. Perhaps the consequence will be further dynamic movements of the popular dog. Especially if there will be further tweets about it by Elon Musk. As we know, he likes to influence the course of the meme cryptocurrency. It is worth watching what will happen in the near future and whether Doge’s followers will reach their $1 target. Presumably, Coinbase can help a bit in this regard.
