The short answer is: yes, a subscription to Coinbase Pro will allow you to buy Dogecoin on Coinbase, the crypto exchange. The currency isn’t available on Coinbase.com or their mobile apps, but it is available on the pro version of Coinbase. Of course, the company can change that later if the price is right and a million investors in the market begin to support it.
If you’ve been following Dogecoin, Doge trading with Coinbase Pro is probably something you’ve been looking forward to. With that said, there are a couple of things you should know before you get your Doge trading underway.
Important Things To Know When You Want To Use Coinbase Pro To Buy Dogecoin
The first thing you should know is that this cryptocurrency is only available to trade with a Coinbase Pro account. Coinbase announced that they would be adding the currency to their platform on Tuesday, June 1, and allowed trading to begin at 9 a.m on Thursday, June 3 once liquidity conditions were met. You may have noticed that news and media coverage of the coin also increased on Thursday, June 3.
Difference Between Bitcoin and Dogecoin?
Both are popular cryptocurrencies, but Dogecoin is for people who have a mild interest in digital assets and don’t invest in crypto for the money. It was created as a joke in 2013 but has gained popularity as a meme.
Many coins work on the principle of scarcity. Dogecoin, by design, is abundant. Every second, thousands of new Doge are mined. Moreover, there is no limit to the number of Dogecoins that can exist at any given time.
Should You Buy Doge?
Since Coinbase’s CEO reported at 9 a.m on Thursday, Jun. 3, 2021 that Doge trading was open, more and more people around the world have begun to use the service to buy and sell Doge for financial gain. This is a sign that the future may be bright for the currency.
That being said, this is the case with every digital asset. There’s often significant interest when an exchange adds a new currency, but this excitement often fades. The data around many other cryptocurrencies supports this.
It’s important to remember the volatility of digital assets and the concerns around liquidity. Bitcoin, the most popular coin in the world, recently dropped significantly not long after reaching an all-time high. Doge is extremely volatile and popular trading platforms like Robinhood don’t allow their users to receive or send Doge.
Is it worth it to fund your Coinbase Pro account and risk your personal money on Doge? That’s a choice you’ll have to make for yourself after you read about the currency and take a look at the related data.
In general, the data for almost all digital assets indicates that holding is the best strategy. Buying some of the currency and holding onto it without a set period of time in mind appears to be the best choice.
The volatility of the cryptocurrency market may be too much for some investors to handle with prices rising 400% or more only to come crashing down. To determine if buying Dogecoin is right for you, answer these four simple questions.
Why Do You Like Doge?
Whether Coinbase Pro is offering support for Doge or not, you need to know your reasons for liking Doge. Do you like it because it’s hot right now?
If yes, then that’s not a good reason to get Dogecoin whether you use Coinbase or not. You don’t know what will happen in the future and you have to do a lot of research to make money with crypto.
What About Other Crypto?
Data suggests that Dogecoin is volatile when it comes to trading. Established digital currencies are less volatile, but still experience large value fluctuations.
The point is, Bitcoin has limited supply going for it. Ethereum has smart contracts. Cardano is more sustainable.
What does Dogecoin have apart from some memes and occasional hype? Make sure you give proper thought to other currencies and look at their data before you invest in Doge.
Are You Looking for a Serious Investment?
Do you plan to hold for a long period of time or a short time? What price do you want to purchase it and when are you ready to sell it? Make sure you know these details before jumping in.
How Do You Want to Purchase Doge?
Which platform or exchange do you want to use to start trading? Is Dogecoin supported on your favorite platform? There’s no point in dealing with a digital medium if no platform is ready to support it.
Coinbase has started to offer this digital currency and a lot of people are willing to trade it. That’s especially the case since June when the company made the news for supporting this currency and also offered millions of coins to survey winners.
Excitement around Doge also increased when Elon Musk, the CEO of Tesla and SpaceX, began talking about the coin on Twitter.
Be sure to do proper research and consult independent experts before you join the wave. You may make a million dollars or you may lose your investment. Crypto is a medium where no one knows what’s ahead, making it hard to receive high-quality information.
FAQ: Dogecoin and the Coinbase Platform
What Is Dogecoin?
Dogecoin is one of the most popular and well-supported cryptocurrencies in the business medium today. You probably first read about the currency through a link from a social media post.
The cryptocurrency was created in 2013 as a joke and a meme. If you go to Getty Images and search for Dogecoin, you will find pictures of tokens with a dog’s face. That dog is known as a Shiba Inu, the unofficial brand ambassador and logo of Dogecoin.
What Is It With Dogecoin and Elon Musk?
He keeps using Twitter messages to make his personal announcement about Doge (and what its value should be) known to the public. Doge’s price keeps changing on various platforms and exchanges in the coming weeks because of it.