Dogecoin has started leaping up in the market after Coinbase Pro started accepting the transfer of the meme cryptocurrency. The value of Dogecoin has leaped up by almost 40% after the announcement to $0.4446, the highest point in nearly a fortnight.
Starting today, inbound transfers for DOGE are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday June 3, if liquidity conditions are met. https://t.co/sFYODy4Xma
— Coinbase Pro (@CoinbasePro) June 1, 2021
Coinbase Pro announced that the traders will be able to trade Dogecoin through their wallets from June 3. All transactions will be supported at places where trading is supported. Trading can only be done if liquidity conditions are met.
The post got the market buzzing with excitement. Though Dogecoin is not yet available on the Coinbase app the announcement is good for the future of the cryptocurrency. The market rallied around the announcement and the currency climbed after having an almost bad month.
Dogecoin had been rallying high at the beginning of May when Elon Musk announced that he “The Dogefather” would appear at Saturday Night Live (SNL) on May 8. The market rallied behind the announcement the price of Dogecoin climbed to its highest value of $0.73 before SNL began.
The value of Dogecoin fell shortly after Elon Musk called it a hustle on the show. In the interview after, he did express faith in the currency it just wasn’t enough to bring the currency back to its previous state and stop the fall. Currently, Dogecoin is the sixth largest cryptocurrency in the world according to market cap.