Crypto Exchange Coinbase Decided to Embrace Dogecoin

The largest cryptocurrency exchange Coinbase went public in April. It makes most of its money from the trading as well as storage of bitcoin and ethereum, the largest cryptocurrencies. Coinbase made the decision to add another interesting cryptocurrency. The company’s CEO Brian Armstrong supports meme-inspired dogecoin. The price of dogecoin surged to record highs in May.

This cryptocurrency will begin trading on Coinbase on Thursday. The company also stated that its card would begin working with Apple Pay and Google Pay this week for select members. Cardholders will be able to use their crypto to pay for purchases via the payment services.

From June 1, Coinbase Pro members have the opportunity to add dogecoin to their accounts in preparation  for when trading starts on June 3. The major cryptocurrency exchange plans to launch in three phases: post-only, limit-only, and full trading.

There must be an appropriate amount of dogecoin available for trades. The company may halt trading if it does not meet the company’s assessment for a healthy and orderly market.

This cryptocurrency is not yet available on Coinbase’s primary website or its consumer mobile apps. There will be a separate announcement if as well as when this support is added. At the moment, that means that retail investors will have to look elsewhere.

Dogecoin in 2021

The meme-inspired cryptocurrency shot up in 2021, starting the year with a value of less than a penny. Dogecoin then began growing in value partially thanks to the increasing support from Tesla CEO Elon Musk. Dogecoin peaked at 72 cents on May 7, days before Elon Musk hosted an episode of Saturday Night Live.

It, along with other cryptocurrencies, has since suffered losses due to the news of China possibly restricting cryptocurrency trading in the country. Elon Musk also made a statement that affected the cryptocurrency industry. Musk stated that bitcoin mining requires massive computing power and it consumes a lot of electricity. The price of the world’s largest cryptocurrency crashed a day later. Tesla no longer accepts bitcoin as a form of payment due to environmental concerns.

With meme-inspired cryptocurrency jumping onto the largest cryptocurrency exchange, it could gain another boost in value. Dogecoin is also one of seven cryptocurrencies used by the popular trading app Robinhood.