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Coinbase launches Dogecoin with a $1.2m giveaway as prices flop

  • Coinbase has finally launched Dogecoin trading.
  • The exchange is giving away $1.2 million worth of the asset to customers as part of the launch.

Earlier last month, Brian Armstrong, the CEO of Coinbase disclosed the exchange’s intention to list the most popular meme coin, Dogecoin. This followed the recent impressive run of the digital asset and how other exchanges got the competitive advantage to its high trade volume. 

We plan to list doge in the next six to eight weeks.

In the latest development, Coinbase has officially listed Dogecoin. As part of the launch, Coinbase is giving away $1.2 million worth of the asset to customers. 

Dogecoin is now on Coinbase, and we’re giving away $1.2 million in prizes to celebrate.

Starting from June 3rd, inbound transfers of Doge were allowed to be made to Coinbase Pro. According to Coinbase, trading on Doge-USD, Doge-BTC, Doge-EUR, Doge-USDT, and Doge-GBP are being launched in three phases since sufficient supply has been met on the platform. The phases are post-only, limit-only, and 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 or suspend trading as per our Trading Rules.

Armstrong previously disclosed that asset addition is a major priority for Coinbase. For this reason, they are working to accelerate the rate at which assets are listed on the platform. He admitted that they have been slow in keeping up with the many assets added into the crypto economy daily. 

How to participate in the giveaway

To stand a chance of winning, participants are required to first buy or sell at least $100 worth of Dogecoin on Coinbase by 6 June 2021. The first winner will receive $300,000 worth of Doge. In addition, 10 other winners will receive $30,000 worth of Doge each, then 6000 winners will also receive $100 worth of Doge each. Winners will be contacted from 17th June. The giveaway is limited to one entry per person. Multiple entries will not increase the chance to win according to Coinbase.

It is worth noting that Dogecoin trading is not yet on Coinbase.com.

DOGE is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

Dogecoin price reaction

Just as expected, the announcement created a positive sentiment in the market driving the price to a 24-hour high of $0.42. However, the price has seen a 13 percent fall since its daily high to trade at $0.36. Some investors are still bullish on Doge. 

The trading volume remains 28 percent down in the last 24 hours with a market dominance of 2.8 percent.

About Author

John's a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor's degree in Geography and Economics

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