Coinbase announced that users would start trading Dogecoin on its more advanced trading platform Coinbase Pro from noon, June 3.
It’s no surprise that Coinbase Pro decided to add fans’ favorite cryptocurrency to its trading lineup. At some point last month, before Elon Musk’s SNL showed up, a Dogecoin was worth $0.63. Musk called himself “Dogefather” on Twitter.
After the Coinbase news came out, Dogecoin rose 31% to $0.41 on Wednesday. According to data and data from the market tracker CoinGecko.com, this pushes the cryptocurrency market value to 54 billion U.S. dollars, making it the sixth-largest token.
Starting this week, Coinbase members on the Coinbase card waiting list will receive an invitation to apply for the card. Once approved, they will immediately use the credit card on Apple Pay or Google Pay, and they can receive up to 4% of the purchase encryption reward.
How to buy Dogecoin on Coinbase Pro
If you don’t have an account yet, you will need to sign up. However, Coinbase Pro has an interface designed for more advanced traders, while Coinbase is easier to use for beginners. If you already have Dogecoin, you can also transfer it to your Coinbase Pro account.
Coinbase’s regular platform-one of the most popular cryptocurrency trading platforms-does not support Dogecoin. Still, if you prefer a beginner platform, you can add it to your cryptocurrency wish list. In addition, if you sign up for an ordinary Coinbase account, you will get a gift. Coinbase will give you $5 worth of Bitcoin for free after verifying your identity.
According to a CoinDesk report by Adobe employee Jackson Palmer and software engineer Billy Markus has created Dogecoin in 2013. It is based on the popular Internet meme of the Japanese Shiba Inu, and it is called “doge.” Its non-serious atmosphere makes it popular and attracts a large number of followers.
Dogecoin’s upsurge came during the rush in online stock and cryptocurrency trading amongst retail investors. Investors were stuck at home with spare money due to the COVID-19 pandemic and started to invest in DOGE for fun. However, the use of the token in payment or business has not grown much.
Coinbase has also added Apple Pay and Google Pay to its credit cards.
Adding Dogecoin to such a large financial market like Coinbase pro might cause the price to increase again.