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Who Let The Doge Out: Coinbase Pro Opens Up To Dogecoin

Coinbase Pro, the cryptocurrency exchange’s professional trading arm, has started accepting Dogecoin (DOGE) inbound transactions, paving the way for greater use of the meme-based digital asset.

Coinbase Let Doge In

The exchange said Tuesday afternoon that trading of DOGE will begin on Coinbase Pro on Thursday at 4:00 p.m. UTC, assuming liquidity conditions are met.

DOGE will initially be available in five trading pairs: DOGE/USD, DOGE/BTC, DOGE/EUR, DOGE/GBP, and DOGE/USDT. Order books will be available in three stages, starting with post-only, then limit-only, and finally 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.

Dogecoin is currently trading at 36 cents, up almost 6,000% for the year. However, it’s dropped by more than 50% since reaching a high in May. $43.68 billion is the market capitalization of dogecoin as of Tuesday afternoon, making it the seventh-largest cryptocurrency. The price of the token has also increased by almost 5% in the last 24 hours, and it now sells for $0.34. Bitcoin and Ethereum, on the other hand, have both seen their prices fall since Monday as a result of current market crash.

Coinbase CEO Brian Armstrong teased the platform’s then-impending launch of dogecoin during a May 15 investor call, outlining his intention to “accelerate asset addition into the future.” “There are more and more assets being created in the crypto economy,” Armstrong said. “One of those is doge … which has been getting a lot of attention recently.”

Dogefather Has Been Behind Dogecoin Push

Tesla billionaire Elon Musk, the self-proclaimed “dogefather,” has repeatedly sent the price of the coin flying through his personal investments and internet promotions. Doge’s value surged by 20% after Armstrong’s comments coincided with an announcement from Elon that he was “working with doge devs to improve system transaction efficiency.” Twitter activity surrounding DOGE also briefly surpassed the flagship crypto asset at the beginning of the year.

With his distinctive sense of humor, Musk had found it ironic that the coin has the potential to be the world’s reserve currency. Musk said:

Which one it is going to be? Maybe it’ll be multiple, it should be considered speculation at this point. The point is that Dogecoin was invented as a joke, as essentially to make fun of cryptocurrencies. Fate loves irony, what it would be the most ironic outcome? That the currency that was invented as a joke, in fact becomes the real currency. To the moon!

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Dogecoin Price Jumps by More than 30% in last 24 hrs, Can It Retest ATH?

Dogecoin, the meme currency broke past the key resistance or $0.40 earlier today after spending the majority of last month under $0.35. The recent price spike came in the wake of the Coinbase Pro listing announcement. Coinbase Pro is a dedicated exchange for institutional purchases and Dogecoin will start trading on the platform starting June 3. The inbound transfers for Dogecoin began on June 2 while trading will open on June 3.

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 

 

Coinbase listing has often led to a surge in the price of many newly listed tokens, and Dogecoin listing followed a similar trend. The fifth-largest cryptocurrency by market cap rose over 30% to breach crucial resistance of $0.40 and currently trading above $0.43.

This bull season has turned Dogecoin from a meme token into a real investment as the altcoin surged over 6,000% throughout 2021. The Dogecoin frenzy was aided by continuous support from Elon Musk and social media buying frenzy which saw its price spike from $0.0104 in January to $0.737 in the second week of May.

Will Doge Retest its ATH?

The current price spike has helped Dogecoin break past the key resistance of $0.40 and also helped it to break out of triangle formation on the 4-hour price chart, indicating a high bullish price action. The next target for the altcoin is $0.5 before it moves on to retest its all-time high.

20210602-162652.jpg

 

The price of the meme currency was earlier driven by buying frenzy among social media users who believed the meme coin could touch the $1 price soon. The mammoth rise in price helped dogecoin to make it to the top-3 cryptocurrencies by market cap, leaving behind BNB, XRP, and many others.

Dogecoin is currently trading at $0.4391 with an over 36% surge flipping Cardano for the fifth spot. A move over 0.45 could open the gates for ATH retest from here.

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Dogecoin Starts Trading on Coinbase Pro
Alex Dovbnya

High-flying meme cryptocurrency Dogecoin is now available for trading on Coinbase Pro, the professional version of America's largest exchange: 

Our DOGE-USD order book is now in full-trading mode. Limit, market and stop orders are all now available.   

At press time, DOGE is changing hands at roughly $0.41.  
As reported by U.Today, Coinbase Pro announced its much-anticipated Dogecoin listing on June 1.  
It's unclear when or if the coin will become available to retail traders on Coinbase.     

Dogecoin is currently the sixth-largest cryptocurrency with a market cap of $52 billion. It has gained over 30 percent since the start of the month due to the listing and Tesla CEO Elon Musk's continued support. 

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(edited)

DOGE/USDT
Dogecoin (DOGE) turned down from $0.44 on June 2, suggesting that traders are closing their positions on rallies. The bears have pulled the price below the 20-day EMA ($0.37) today, indicating weakness.

c0be15ef-729b-4694-9b69-1c2f339264a6.png 
DOGE/USDT daily chart. Source: TradingView
The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand.

If the DOGE/USDT pair continues its slide and breaks below the neckline of the head and shoulders pattern, the selling could intensify. The bulls may try to arrest the decline at $0.21 but if they fail to do so, the pair may drop to $0.10.

This negative view will nullify if the price bounces off the neckline and rises above $0.47. Such a move will indicate the bulls are back in the driver’s seat and the pair could then rally to $0.59.

Edited by HOCD1A035
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Coinbase lists meme currency dogecoin on its exchange
The exchange is offering investors to opt-in and purchase $100 worth of dogecoin by June 10, 2021, for a chance to win $1.2 million in prizes.

Cryptocurrency exchange Coinbase launched meme currency dogecoin (DOGE) on its exchange on June 4 enabling customers to buy, sell, convert, send, receive, or store DOGE.

"We launched informational asset pages (see DOGE), as well as a new section of the Coinbase website to answer common questions about crypto," Coinbase said in a blog post adding that DOGE will be supported on Coinbase.com and in the Coinbase Android and iOS apps.

However, the timing of the listing of the meme currency was unlike the Coinbase precedent in its listing of cryptocurrencies as the exchange typically adds cryptocurrencies to its retail platform a few weeks after first listing on the professional version, Coindesk noted.

The exchange is offering investors to opt-in and purchase $100 worth of dogecoin by June 10, 2021, for a chance to win $1.2 million in prizes.

In 2013, Jackson Palmer, then an employee at Adobe, made a satirical tweet (unfortunately lost to the void) about investing in ‘Dogecoin’, his joke cryptocurrency, he did not actually think people would do it. Jackson Palmer had tied up with Billy Markus, an IBM developer, to create the cryptocurrency.
What started as a ‘joke’ became a phenomenon in the digital cryptocurrency space. By 2014, it became the fifth-largest cryptocurrency in the world and it even spawned convention for its fans in San Francisco creatively titled "Dogecon."

DOGE has also been a favourite of Tesla and SpaceX founder Elon Musk whose tweets have contributed to the price volatility of the meme cryptocurrency.

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Nifty News: Doge NFTs much wow, Paris Hilton is an NFT advisor, NFT game raises $3M
The founder of Doge dropped a three-tiered series of NFTs and Paris Hilton becomes an NFT advisor.
Nifty News: Doge NFTs much wow, Paris Hilton is an NFT advisor, NFT game raises $3MNEWS


Billy Markus, the co-founder and engineer of Dogecoin (DOGE), who also sold off his DOGE stash for the equivalent of a used Honda Civic in 2015, has entered the nonfungible token (NFT) market.

On June 9, Markus unveiled the drop of Doge-based NFTs dubbed “Capped Dogecoin” which he described as “Much cap, very deflation, many tokenomics. Many Available.”


The NFTs are split into three tiers, and all depict a spinning golden coin, with a picture of the iconic Shiba Inu in a Dogecoin baseball cap — with the upper two-tiered NFTs having more detail such as a colored cap, an outer space background or a shiner polish to the coin.

Tier-one is an open edition of 420 copies and can be purchased on Rarible for 0.081 wrapped Ether (wETH) worth $208.52 at current prices.

Tier-two is already sold out on Rarible, and had three copies which sold for 0.8 Ether (ETH) each worth around $2,063.

The third tier consisted of a one-of-one which sold for 1.5 ETH worth $3,866 on Foundation earlier today, with Foundation user “swaggmire” purchasing the rights to the NFT.

Interestingly, “swaggmire” went on to re-list the NFT for 420.69 ETH worth around $1 million, however that appeared to be in jest, as they promptly changing the price to 6 ETH worth roughly $15,500.

Paris Hilton becomes an NFT advisor
While other celebrities have since left the NFT space following a cooldown of prices in the market, billionaire and self-described “boss girl” Paris Hilton is doubling down.


According to a June 8 Medium blog post from Origin — Paris Hilton has joined the team as an investor and an advisor, with the firm seeking her out to provide expertise on how to cater to the upper echelons of society.


“As an investor and advisor, Paris will provide strategic advice on how to most effectively deliver value with NFTs for top-tier creators like celebrities, influencers, and brands.” the blog post read.

Origin is an Ethereum-based protocol that helps buyers and sellers transact in a decentralized environment.

According to the firm’s website, the project wants to bring “NFTs and DeFi to the masses” by enabling users to host NFT sales on their own domains, and also by offering yielding returns along with its governance token, and OUSD stablecoin.

Guild of Guardians
A new mobile-based NFT game called Guild of Guardians has completed the first wave of its "Founder’s NFT sale," raising $3 million in sales, according to an announcement shared with Cointelegraph.

The sale was for a collection of usable and “playable” NFTs that will be introduced into the game, with prices ranging from $200 to $100,000.


Guild of Gurdians
Philippines-based crypto gaming collective Yield Guide Games purchased one of the 10 “mythic guild” NFT worth $100,000. The mythic guild NFT allows up to 50 players to enter the game and provides the guild owner a 10% cut of earnings from guild crafting in the game.

“The community response has been incredible. Over 50% of all sales came via referrals — indicating that the community was sharing with each other, and there is a real 'share-to-earn' aspect in place," said Derek Lau, Game lead for Guild of Guardians.

The game follows the play to earn model, however, Lau also expressed the importance of developing a game that is fun to play and not just about the monetary rewards:

“Rather than 'play-to-earn,' we want to instill the idea of 'play-and-earn' — ensuring that players are not just playing to make money alone, but playing for fun and great gameplay as well," Lau said

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