Dogecoin Spikes Following Coinbase Pro Listing
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Dogecoin (DOGE) posted a +15% spike yesterday, following an announcement that the sixth-largest cryptocurrency was finally getting listed on Coinbase Pro.
Coinbase noted that inbound transfers of DOGE are available across their supported jurisdiction. According to the announcement, customers can begin trading DOGE from June 3, 2021.
The official announcement noted that:
“Starting immediately, we will begin accepting inbound transfers of Dogecoin to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions [get] met. Once a sufficient supply of DOGE [gets] established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books [would] launch in three phases, post-only, limit-only and full trading,” Coinbase mentioned in the announcement.
At press time, Dogecoin trades at $0.3920 with a market cap of over $50 billion.
DOGE has recorded significant growth in 2021, despite last month’s market crash. Several prominent organizations around the world, including Elon Musk’s SpaceX, accept Dogecoin payments for goods and services.
Brian Brooks, former Acting Comptroller of the Currency at the USOCC and current CEO of BinanceUS, recently commented on the volatility seen in Dogecoin. He stated that:
“What we don’t want is a panic over Dogecoin prices to kill bitcoin or eth or some of the fundamental innovations that are going on here.”
Key Dogecoin Levels to Watch — June 2
DOGE is currently in the middle of a rebound from the $0.35 support as bulls become more active. The cryptocurrency faces the immediate task of scaling the $0.40 psychological resistance as it continues to stall below the line.
A break above this resistance level should open the doors for an ascent to the $0.45 and subsequently to the $0.50 round figure.
Given the current market conditions, a sustained break below the $0.38 support seems unlikely in the near term.
Meanwhile, our resistance levels are $0.4000, $0.4200, and $0.4500, and our support levels are $0.3500, $0.3000, and $0.2500.
Total Market Capitalization: $1.66 trillion
Dogecoin Market Capitalization: $50.8 billion
Dogecoin Dominance: 3.05%
Market Rank: #6
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