The sixth most valuable crypto asset by market value is enjoying significant buying pressures amid its listing on the world’s most valuable crypto exchange.
At the time of writing this report, Dogecoin traded at $0.371447 with daily gains of about 12% for the day. The top dog meme coin is currently the sixth most valuable crypto with a market value of about $48.2 billion.
Recent price actions reveal the digital asset is enjoying significant buying demand despite recent price correction prevailing on many crypto assets on reports that Coinbase Pro, the professional trading arm of Coinbase, has begun accepting inbound transfers for the popular crypto asset triggering Dogecoin’s wider adoption.
A press release by the American Crypto exchange stated:
“Starting June 1, 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 9 AM PT on Thursday, June 3, if liquidity conditions are met.”
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
Crypto experts say the recent inclusion of the digital asset on Coinbase is likely to boost the value and usage, taking into consideration the crypto exchange’s boast of being the most powerful institutional entity in the crypto-verse.
Dogecoin is also one of the seven crypto assets currently used by the popular American trading app, Robinhood.
The popular crypto created about eight years ago was considered as a mild alternative to traditional digital assets like Bitcoin. The Dogecoin name is based on a meme. Unlike Bitcoin, which is designed to have a finite supply, Dogecoin has an unlimited supply with about ten thousand new coins mined every minute.
Since its inception, it has been one euphoric rise over another with billionaires like Mark Cuban, celebrities like Mia Khalifa, and Snoop Dogg, among many others, tweeting about it.
The most influential support has come from Tesla CEO, Elon Musk, whose continuous messages via social media on the crypto asset made it increase in value significantly.
Recall also that Dallas Mavericks and Sacramento Kings have also become sports brands using crypto assets for ticket sales and online merchandise.
What you need to know about Dogecoin
Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”