Coinbase Finally Adds Dogecoin, Price Spikes

Coinbase Pro users can now transfer DOGE into their accounts.

2 min read

Jun 1, 2021

Popular US exchange Coinbase is adding Dogecoin to its Pro trading platform.

According to a blog post today, users can begin transferring DOGE into their accounts, with trading set to begin on June 3, provided the exchange has enough liquidity in the token.

The exchange will list five trading pairs for the token: against the dollar, euro, British pound, Tether, and Bitcoin.

Dogecoin is the seventh-largest cryptocurrency with a market cap of $43.7 billion. The price of DOGE is up 5% in the last hour and is now selling for $0.33.

That may not seem like a lot, given recent cryptocurrency market volatility, but it represents the largest upward movement of any token in CoinGecko's top 100. Bitcoin and Ethereum are both down for the day.

DOGE, created as a jokey riff on Bitcoin, was until this year perennially worth under a penny. Yet Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban have championed the token for its transactional capabilities, sending the price as high as $0.74 last month.

Though it's listed on multiple exchanges, it's gained increased prominence through the growing popularity of crypto trading on the Robinhood mobile app, where it's one of just seven assets listed.

The addition to Coinbase may further help its prospects. Coinbase is in the top five for daily trading volume, according to Nomics; it is the top exchange open to US crypto traders.

DOGE is not yet available on Coinbase's standard app; Coinbase Pro is free to use but is designed for more experienced traders.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

Bitcoin Price Blasts Past $97,000 as Futures Hint at More Room to Run

Bitcoin continues to set new records this year as traders begin eyeing a six-figure price for the world’s largest crypto—and according to analysis of the asset’s derivatives market, it's yet to overheat. The asset climbed to well beyond $97,000 late Wednesday evening, blasting through its previous highs above $95,000 in less than an hour, CoinGecko data shows. Its seesawing price has triggered a $100 million cascade of liquidations over the last 24 hours, with 80% of those coming from short sell...

Former Head of China’s Digital Currency Project Faces Corruption Charges: Report

The former head of China’s central bank digital currency (CBDC) research project, Yao Qian, has been expelled from the Chinese Communist Party and removed from his government position, following allegations of corruption. According to reports in state-owned local media, Qian is accused of having abused “the right to recommend, formulate, and execute policies” and “abandoned the responsibilities of science and technology supervision” following a disciplinary review. What Are Central Bank Digital...

Vitalik Buterin Buys Anon, Token Surged 350%—What's It All About?

Anoncast, a zero-knowledge app that allows users holding at least 20,000 ANON tokens to make anonymous posts on Farcaster saw its token surge 350%. It has since settled a bit, but is still trading 190% higher than it was this time yesterday. This happened after onchain data showed Ethereum co-founder Vitalik Buterin's wallet swapping 0.082 ETH for 30,303 ANON Wednesday evening. The transaction was traced from a tracker following Buterin's vitalik.eth address on Arkham Intelligence. Hours after t...