Dogecoin has been recently added to Coinbase Pro and is now trending on Twitter. You can now transfer the cryptocurrency to the wallet of the app and start trading thereafter. At this point, trading is not available and will begin from 3rd June if liquidity is met for Coinbase. This is a long-awaited addition to the platform as users have been asking the company to #acceptDoge for a long time. In fact, the hashtag is even trending on Twitter right now. Coinbase says that they are more open to adding new tokens to the platform.
LFG all pic.twitter.com/AUWR8MmuKi
— Shibetoshi Nakamoto (@BillyM2k) June 1, 2021
Why has Coinbase not enabled trading right away?
If trading is enabled right away without transfers then the WazirX-ShibaInu fiasco could happen again. Let’s say Coinbase doesn’t allow for transfers and starts trading right away without liquidity being met. Then in that case the price of Dogecoin could see a massive surge on the platform and people could do arbitrage trading. This is a big problem because whenever arbitrage happens with a massive difference it means that someone is buying at that price and are having a huge loss.
This is also the reason that Coinbase will enable trading in parts. First, there will be post-only trading, then limit-only, and then full. If Coinbase feels that the market is not orderly they could suspend the reading and work on it later.
When the markets crashed a week back everyone was expecting that the price of Doge will go down significantly. But it actually didn’t and only went to around 28 cents and has been recovering ever since. The price of Dogecoin is over 36 cents now and has is up 13% in the last 24 hours. Its popularity is also increasing with time and no matter how much the price dips we are seeing people are still in FOMO with the cryptocurrency.
What are your thoughts on that Coinbase pro has added Dogecoin? And are you a Dogecoin person or just stay 5 feets way from it? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.