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Dogecoin, the popular meme-inspired cryptocurrency, has been listed on Coinbase’s (COIN:US, NASDAQ:COIN) pro platform, the crypto exchange announced on Tuesday, June 1.
The coin’s trading, however, is scheduled to begin on Thursday provided it meets Coinbase’s liquidity requirements.
The trading is set to take place in three phases – post-only, limit-only, and full-fledged. In other words, the exchange has allowed Doge token deposits in the first phase. In the second phase, investors will be able to trade limited number of tokens (as permitted by Coinbase), while the third phase will be normal trading
The exchanges will take place in DOGE-USD, Doge-Euro, Doge-Pound, Doge-GBP, Doge-BTC and Doge-USDT. This process is expected to conclude within a few weeks.
Doge presently has a circulation of 129.71 billion coins, with around 10,000 new tokens generated every minute and no cap on maximum supply.
In the light of the latest development, the Shiba Inu-mascot crypto coin jumped over 10 per cent on Tuesday.
Coinbase stocks, on the other hand, gained about one per cent in after-market hours on the Nasdaq exchange.
Self-proclaimed ‘Dogefather’ and Tesla owner Elon Musk, meanwhile, retweeted his own post, which reads - “It is inevitable, dogecoin standard against the global financial system”.
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What Does A Coinbase Listing Hold In Store For Dogecoin?
A listing on Coinbase will bring Dogecoin an exposure to 56 million-plus verified users on the US-based crypto exchange, which operates across more than 100 countries. Coinbase’s quarterly trading volume stands at US$ 335 billion, with current assets on the platform being worth US$ 223 billion.
Doge swelled as much as 18.51 per cent to US$ 0.3920390 per token (3:30 AM ET) since its Coinbase listing announcement. It has reclaimed a US$ 50 billion milestone in market cap, and its one-day trading volume spiked by over US$ 7.50 billion.
The listing could likely be a reviving moment for Dogecoin’s community campaigns, such as ‘Doge to Moon’ and ‘Doge to $1’.
How Long Will It Take For Doge To Hit A Lifetime High?
Doge achieved its all-time high (ATH) of US$ 0.740796 apiece earlier in May. It then plunged more than 30 per cent following Elon Musk’s statement- ‘It’s a hustle’ on the Saturday Night Live show.
The token is currently trading almost 45 per cent below its record high. However, it is still up 7,776 per cent year-to-date (YTD). It could bounce back to the fourth position, surpassing Cardano (ADA) in terms of market cap, in the light of the listing announcement, which could be a catalyst to boost Doge prices further.
June is expected to be crucial for Dogecoin as it will get almost 100 per cent access among crypto investors across the world. Crypto analysts have pegged its first resistance level at US$0.50 apiece and a second resistance level at its ATH. If the token sees a pullback, it might take support at C$ 0.30 apiece.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
