As of publication, the meme cryptocurrency Dogecoin, is the best performing cryptocurrency, out of the top ten, within the last 24 hours.
Doge has successfully corrected losses following last week’s bear market, bringing weekly gains to 10%, and daily gains to as high as 22%.
DOGE hits Coinbase Pro, surges in response
The reason behind the price pump has been associated with the recent launch of Dogecoin on Coinbase Pro. After teasing the listing for months, Coinbase finally carried through with its plans to debut the meme coin on its platform.
Leaving the cryptocurrency Twitter community excited, Coinbase made an official announcement on its blog, part of which reads:
“Starting Today Tuesday June 1, transfer DOGE into your Coinbase Pro account ahead of trading. Support for DOGE will generally be available in Coinbase’s supported jurisdictions.”
As of 9 AM Pacific Time (PT) Thursday, June 3, trading activities are expected to commence, but only on the condition that liquidity conditions are met.
The sufficient supply of Doge must first be confirmed on the platform before order books such as DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT will be unveiled to the market. This will come in three phases: “post-only, limit-only, and full trading.”
It is important to keep in mind that trading activities can be hindered by whatever the platform considers unhealthy market activities. Should this become the case and trading rules are violated, Coinbase Pro plans to stagnate or suspend the order book.
Elon Musk responds, but investors fear the Coinbase effect
Although Doge is not yet available to users on Coinbase.com, as well as other related mobile apps backed by the platform, the firm disclosed that the public will be informed once support is added.
In response to Coinbase’s announcement, the self-proclaimed Doge-father Elon Musk has responded by referencing a picture he had previously posted on the inevitability of Dogecoin overtaking the global financial market.
Come Thursday, the price of Dogecoin is expected to go to the moon. While the $1 price mark may not be attained as quickly as was anticipated, a short-term price pump might place Doge in front place, as a weekly best performer.
However, the “Coinbase effect” a term used to describe the recurring pattern of assets going downhill after debuting on Coinbase, is a possibility that investors fear might catch up with Doge in the weeks ahead.