If a few months ago DOGE was still considered by many a joke, the latest update on the meme coin could be the sign that the crypto community needed to take it seriously: Coinbase’s professional trading arm, Coinbase Pro, is now accepting inbound transfers for Dogecoin.
Basically, this confirms that the digital asset is now one step closer to wider adoption, despite all criticism.
Looking forward to a phased process
According to Coinbase’s newsroom, trading of DOGE will go live on Coinbase Pro this Thursday, at 4:00 PM UTC, as long as liquidity conditions are met.
For starters, the token will be supported across fie trading pairs: DOGE/USD, obviously, as well as with BTC, EUR, GBP, and USDT. As for the order books, they will be available in three staggered phases – post-only, limit-only, and then, full-trading.
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” Coinbase said.
Next step, moon?
As expected, the news had a positive impact on the price of DOGE, gaining more than 3%, according to a report from TradingView. However, this can be considered insignificant, considering the exponential rise the meme-based coin went through until the beginning of 2021.
Also, we should mention the bizarre mix of factors that brought the token again to the mainstream, including Elon Musk’s apparent backing of DOGE. All these, as well as numerous talks, both online and offline, helped DOGE liquidations surpass Bitcoin at one moment, thus attracting even more investors.
Despite all these, we shouldn’t forget that, in the end, it still remains more of a joke than a token with a proper use case, so it will definitely be worth following its evolution over the next months, at least.