Coinbase Pro Adds Support For Dogecoin, Price Jumps To $0.42

Major crypto exchange Coinbase Global Inc COIN announced that it is adding support for Dogecoin DOGE/USD.

What Happened: The exchange said it is “immediately accepting” inbound transfers of the meme-base cryptocurrency, but trading would officially go live after 9 AM (PT) on June 3 to makesure the liquidity conditions are met.

“Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases,” said the exchange in a blog post.

The three phases are post-only, limit-only, and full trading. Coinbase also noted that, if at any point one of the new order books does not meet their assessment for “a healthy and orderly market” they may suspend trading.

For the moment, only users of the Coinbase Pro trading platform will have access to Dogecoin trading and not Coinbase.com or its consumer mobile apps.

Read also: Coinbase Cardholders Can Now Make Crypto Purchases On Apple Pay And Google Pay

Still, Dogecoin holders were in favour of Coinbase’s long-awaited decision to add support for the popular cryptocurrency that has made its way to the top 10 cryptocurrencies by market cap.

$Doge to the 🌕.... thanks coinbase

— osarumen (@osarumenojo) June 1, 2021

The cryptocurrency gained 31% in value overnight and was trading at $0.417 at the time of writing. Daily trading volume for DOGE was also up over 190% to over $11.68 billion.