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Coinbase Pro, the professional trading arm of the Coinbase cryptocurrency exchange, has begun accepting inbound transfers for Dogecoin (DOGE), setting the stage for wider adoption of the meme-based digital asset.
Trading of DOGE will go live on Coinbase Pro Thursday at 9:00 a.m. Pacific Time, provided that liquidity conditions are met, the exchange announced Tuesday afternoon.
Starting today, inbound transfers for DOGE are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday June 3, if liquidity conditions are met. https://t.co/sFYODy4Xma
— Coinbase Pro (@CoinbasePro) June 1, 2021
Initially, DOGE will be supported across five trading pairs, including DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP and DOGE-USDT. Order books will launch in three staggered phases, beginning with post-only, followed by limit-only and then full-trading.
“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 said.
The price of DOGE appears to have responded positively to the news, gaining more than 3% in afternoon trading, according to TradingView. Of course, such gains pale in comparison to the exponential rise for the meme-based cryptocurrency through the first five months of 2021.
Dogecoin has permeated the mainstream thanks to a bizarre confluence of factors, including Elon Musk’s apparent backing of the coin and widespread support from Robinhood traders. At one point during the market craze, DOGE liquidations surpassed Bitcoin (BTC), underscoring the high demand for the asset. Twitter activity surrounding DOGE also briefly surpassed the flagship crypto asset at the beginning of the year.