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Coinbase Pro Announces Dogecoin Support — DOGE Jumps in Response

Dogecoin Doge
Image by Keith Johnston from Pixabay

Yerevan (CoinChpater.com) – Dogecoin (DOGE) is now available on Coinbase Pro, a service on the global crypto exchange designated for professional traders. The token’s value responded accordingly and gained 28 percent, trading at 42 cents in the London session Wednesday.

Currently, the platform is only accepting inbound transfers of Doge to Coinbase Pro. According to the announcement: “Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions are met”.

The exchange platform will launch the trading in three phases: post-only, limit-only, and full trading. Coinbase also stated that if one of the new order books fails to meet the expected requirements of a “healthy and orderly” market, the trading process might retrace to a previous phase or be suspended altogether.

Dogecoin is not yet available for the public through the Coinbase mobile app or the website. It is limited to traders who are a part of the Coinbase Pro service only. The exchange platform stated that the announcement for wider availability would come separately, “if and when” they are ready to launch Doge.

Read more: Gains Ahead For Dogecoin? This Technical Indicator Suggests So

Doge Price Responds

Dogecoin logged an impressive 28 percent increase since the announcement on June 1. Many supporters of the token are excited about the opportunities the listing on Coinbase entails. They actively invested in Doge, boosting the price.

Dogecoin price jumps after the Coinbase Pro listing. Source: DOGEUSD on TradingView.com
Dogecoin price jumps after the Coinbase Pro listing. Source: DOGEUSD on TradingView.com

Dogecoin broke out of the pattern it was previously trading in. The symmetrical triangle formation predicted significant gains for the token.

It consists of two sloping lines. The lower support line prevents breakdowns, and the upper resistance line caps bullish attempts. The symmetrical triangle on the chart above is bullish, as the trend preceding the pattern was bullish as well. According to the formation, Doge could hit the $0.85 price margin if it continues on the current trajectory.

Read more: Dogecoin Awaits Massive Breakout as Price Consolidation Exhausts; What to Expect?

Dogecoin Supporters

Brian Armstrong, the chief executive of Coinbase, has been an outspoken supporter of Doge. He even called the listing dear to his heart. As Dogecoin got more and more attention, it became evident that the listing was overdue. Dogecoin is currently the 5th cryptocurrency with a market cap of $55.5 billion.

The meme-coin has many famous proponents, like Elon Musk, the co-founder of Tesla and SpaceX. Michael Novogratz, the CEO of Galaxy Investment Partners, has been vocal on Doge as well. He jokingly called it “the most honest s**t coin.” He added that “there’s something really pure about it,” given how it’s a store value for a group of young millennials and GenZ.

Read more: Top Macro Investor Confesses He Owns Dogecoin

Given how Doge started, it has surely come a long way. The listing on Coinbase Pro boosted the price of the token by 28 percent. However, there are possible further gains in Dogecoin’s future. If Coinbase lists Dogecoin for a wider audience in the upcoming weeks, more hype and a further price boost will follow.

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Lilit Chichyan

Lilit is an enthusiastic writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience. Lilit is creative and fast and has the experience of writing for both big marketing companies and small websites and blogs.

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