Coinbase to List Dogecoin with a $1.2mln Promotion Scheme
Brian Armstrong, the CEO of Coinbase, said earlier this month that the exchange plans to add Dogecoin, the most popular joke cryptocurrency. This came after the crypto asset’s latest strong performance and how some exchanges benefited from its high trading volume.
“Over the next 6 to 8 weeks, we intend to list Doge.”
Coinbase has now formally categorized Dogecoin as a cryptocurrency. Coinbase is sending out $1.2 million worth Doge to consumers as part of the promotion.
“Dogecoin is officially available on Coinbase, and to commemorate, we’re distributing $1.2 million in prizes.”
Incoming Doge transactions to Coinbase Pro have been authorized since June 3rd. As adequate supply has now been realized on the platform, transactions on Doge-USD, Doge-BTC, Doge-EUR, Doge-USDT, and Doge-GBP will be introduced in three stages, as per Coinbase. Post-only, limit-only, and full-trading are the three phases.
“When one of the fresh order books fails to fulfill our criteria for a sound and efficient market, we may maintain the book in one phase for a prolonged length of time or halt trading in accordance with our Trading Rules.”
Coinbase has earlier noted that asset acquisition is a top goal for Armstrong. As a result, they’re attempting to speed up the process of adding assets to the platform. He stated that catching up with the numerous assets added to the crypto economy on a daily basis has been difficult.
To be eligible for the prize, users must trade at least $100 worth of Dogecoin on Coinbase before June 6, 2021. The first place winner will be awarded $300,000 in Doge. In addition, ten other winners will each earn $30,000 in Doge, and 6000 further winners will each earn $100 in Doge. The winners will be notified on June 17th. One submission per person is allowed in the giveaway. As per Coinbase, more submissions will not boost your chances of winning.
It’s noteworthy that Dogecoin isn’t currently available for purchase on Coinbase.com. “DOGE is now unavailable on Coinbase.com and our Consumer mobile applications. Whenever so when this support is introduced, we will issue a formal notification.” The statement, as predicted, sparked a surge in investor confidence, pushing the price to a 24-hour maximum of $0.42. Nevertheless, following its daily high, the price has dropped 13% to $0.36. Yet, some investors remain optimistic about Doge.
— Altcoin #BSCgem (@CryptoGPO) June 3, 2021
With a market domination of 2.8%, trade activity has fallen 28% in the previous 24 hours.