There is never a dull moment in the cryptocurrency industry. Sometimes, things will happen when people least expect it, such as Coinbase Pro listing Dogecoin. As the platform has shunned this meme currency for some time without ever offering a valid reason, this is a remarkable turn of events.
Dogecoin on Coinbase Pro
For DOGE enthusiasts, this news will come at a welcome time. Even though the meme currency of the internet has gone through a successful bullish spell in 2021 so far – primarily thanks to Elon Musk – the market has fallen on hard times. Similar to Bitcoin and Ethereum, Dogecoin has seen its value correct by roughly 50% not that long ago. An expected dip for DOGE, although not necessarily for the other markets.
Moreover, it has proven a bit difficult for these markets to recover lately. That too is to be expected during times of volatility, although it appears things might be improving again. A small recovery by Bitcoin and Ethereum can pave the way for alternative crypto assets to begin moving up again slowly. That includes the likes of Dogecoin, which notes a rather bullish price swing today.
Various events can drive this 22% gain for the day. The main contributing factor is Coinbase Pro listing DOGE. For some reason, exchange listings still tend to get many people excited today, even if it attributes no value to DOGE. Speculators are driving the price higher due to the listing, but it doesn’t work the other way around. Moreover, one has to wonder how long this excitement will last, as the novelty will wear off quickly.
The decision by Coinbase Pro is remarkable. One of the institutional-oriented crypto exchanges would expect the company to focus on viable projects with a long-term vision. Dogecoin doesn’t have that, as there is no roadmap to keep enhancing the protocol. Staying true to one’s roots can prove beneficial in this industry, although the lack of innovation can be problematic.
No Listing On Coinbase or Mobile
The addition of Dogecoin to Coinbase Pro is a remarkable development, but it also comes with caveats. Many people assume that DOGE will automatically make its way to the regular Coinbase platform or the mobile application. That is not the case, nor are there any plans to do so at this time. Remarkable, as most coins come to Coinbase and the mobile app before hitting the Pro platform.
Coinbase has confirmed there is no plan to bring Dogecoin to mobile or the normal trading platform for the time being. That situation may change over time, but there is no reason to explore this option for now. It also remains unclear if there will be enough liquidity and demand for Dogecoin on Coinbase Pro. Depending on how that listing goes, Dogecoin on any Coinbase-based platform may either have a bright future or be a short-lived trend.
The decision to add DOGE comes at a curious time. Coinbase went public in April; thus, listing a meme currency on its Pro platform will always be a risky endeavor. Trading will commence on June 3rd if liquidity conditions are met, which will prove interesting to keep an eye on. It will equally be fascinating to see if this listing affects the company’s stock price, either for better or worse.
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