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Coinbase Makes Dogecoin Available to Retail Investors
The exchange will try to boost interest in the meme-based cryptocurrency through a $1.2 million giveaway promotion.
Coinbase retail users can now sell, buy and store dogecoin on the exchange, the company said in a blog post. To stir up interest Coinbase is running a $1.2 million dogecoin giveaway promotion.
STORY CONTINUES BELOW
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- Investors who opt in and purchase $100 worth of dogecoin will be eligible for the promotion.
- Coinbase has launched information web pages about dogecoin, and a section that addresses frequent questions about cryptocurrency.
- On Tuesday, the exchange announced that it was adding the meme-based cryptocurrency to its professional trading platform, Coinbase Pro.
- The timing of the latest announcement veered from Coinbase precedent in its listing of cryptocurrencies. The exchange typically adds cryptocurrencies to its retail platform a few weeks after first listing on the professional version.
- The Coinbase announcements have failed to re-boost dogecoin's price, which was down nearly 6% to $0.39 at the time of publication.
- Dogecoin is down from its all-time high of $.72 on May 7 after starting the year at a fraction of a penny.
James Rubin
James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.
