Dogecoin was the day’s biggest cryptocurrency transaction after Coinbase, the largest cryptocurrency exchange in the United States, announced that it will include dogecoin in Coinbase Pro, its professional trading platform.
The price of dogecoin has dropped by more than 20% after Coinbase, the world’s largest cryptocurrency exchange, added it to its professional trading platform.
Coinbase said in a blog post that it has started accepting Dogecoin transfers “immediately” on its Pro trading platform, according to Decrypto.co.
The exchange now offers DOGE only in Coinbase Pro, which is designed for more experienced traders, and not on its main website or mobile app for consumers.
Individual investors have been pleading on the internet this year for Coinbase to begin supporting cryptocurrency, after a market surge pushed the prices of a variety of digital assets, including bitcoin, ether, SafeMoon, and dogecoin, to new highs.
Because Coinbase is the primary exchange for cryptocurrency traders in the United States, the list may significantly aid the token’s growth. And it is one of the top five in terms of volume of operations.
According to one analyst, the introduction of Dogecoin (DOGE) on the main cryptocurrency exchange Coinbase Global Inc. (NASDAQ: COIN) may eventually entice traditional investors since there is a driving force behind this movement.
Although Dogecoin has the backing of Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk and multibillionaire Mark Cuban, some think that the cryptocurrency joke needs some sort of “case of use” justification to succeed.
Immediately following Coinbase’s announcement of the latest news, the price of Dogecoin increased from $0.31 to $0.38, fueled further by Elon Musk’s tweet of a meme depicting a Doge swarm attacking the global financial system.
However, after Elon Musk, the CEO of Tesla (TSLA), and Mark Cuban, the owner of the Dallas Mavericks, promoted cryptocurrency for its transactional capabilities, the price of DOGE plummeted, falling to 0.74 USD last month.
Likewise, the Wednesday increase keeps the value of dogecoin much below where it was before Elon Musk, the cryptocurrency enthusiast and Tesla CEO, referred to digital currency as a “hustle” during a televised announcement on “Saturday Night Live” last month.
Dogecoin reached a market capitalization of $54.000 million on Wednesday, making it the world’s sixth-largest digital currency, according to data from the market.