US-based crypto exchange Coinbase announced in a blog post that Coinbase Pro will start trading Dogecoin on Thursday, June 3. Coinbase Pro users can immediately transfer DOGE into their accounts starting June 1.
‘Support for DOGE will generally be available in Coinbase’s supported jurisdictions. Trading will begin on or after 9 AM Pacific Time (PT) Thursday, June 3, if liquidity conditions are met,’ Coinbase said in the blog post.
The Dogecoin rollout will move into three phases according to the US-based crypto exchange. Its platform will only allow post-only orders at first, then limit orders, before moving into full trading.
Although Coinbase is encouraging users to transfer their DOGE into their Coinbase Pro accounts, the company can still stop the trade if it does not meet its target demands.
‘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 stated.
The meme currency is yet to be available on the exchange’s primary website and consumer apps. Further announcements will be made on the company’s official accounts ‘if and when the support is added’ as stated in the blog post.
Dogecoin should ‘return to its roots’
Billy Markus, Dogecoin co-founder and software engineer, took to Twitter about the current state of the meme currency following the Coinbase announcement. He urged the crypto community and Dogecoin investors to return to the token’s roots.
‘I’d like to see the community get back to that culture. Tipping is one of the best use cases. It adds new users, spreads DOGE, and is fun,’ Markus tweeted.
He added that social media platforms should incorporate user-friendly tipping bots to allow Dogecoin to go back to its original functions when it was made in 2014.
‘I believe if we get back to a tipping culture – sending small amounts to friends, content creators, anyone – it is [the] best way to show people that DOGE is cool and fun,’ Markus added on his Twitter thread.
Dogecoin was originally intended as a meme currency to poke fun at Bitcoin and the rising crypto trend in 2014. Before the DOGE price rally last April, the meme currency was mainly used to send tips among Reddit users and traders.
The meme currency is yet to break its US$1 ceiling and is currently trading at US$0.32 per the latest update from CoinMarketCap. After Coinbase’s announcement, Dogecoin rose 7.40% in the next 24 hours and is currently the 6th top-performing cryptocurrency in the market.
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