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DOGE may now be transferred into Coinbase Pro accounts.
Coinbase, a popular US exchange, has added Dogecoin to its Pro trading platform.
According to a blog post published today, customers can begin depositing DOGE into their accounts today, with trading slated to commence on June 3 if the exchange has sufficient liquidity in the token.
The cryptocurrency will be listed on the market in five trading pairs: against the dollar, euro, British pound, Tether, and Bitcoin.
With a market worth of $43.7 billion, Dogecoin is the seventh-largest cryptocurrency. DOGE’s price has risen by 5% in the last hour and is currently trading at $0.33.
Given recent cryptocurrency market volatility, it may not seem like much, but it is the greatest upward shift of any token in CoinGecko’s top 100. Both Bitcoin and Ethereum are down for the day.
DOGE, a satirical play on Bitcoin, was always valued less than a cent until this year. Nonetheless, Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban have backed the token for its transactional capabilities, driving the price up to $0.74 last month.
Though it is available on numerous exchanges, it has grown in popularity due to the rising popularity of crypto trading on the Robinhood mobile app, where it is one of only seven assets offered.
The addition to Coinbase may further help its prospects. Coinbase is in the top five for daily trading volume, according to Nomics; it is the top exchange open to US crypto traders.
DOGE is not yet available on Coinbase’s standard app; Coinbase Pro is free to use but is designed for more experienced traders.