DOGE Gets Listed on Coinbase Pro; Dogecoin Developer Activity on the Network Sees an Uptick
Dogecoin, which is mined in merge with Litecoin, now accounts for 80% of LTC miners’ revenue.
Coinbase Pro has listed Dogecoin.
San Francisco-based cryptocurrency exchange announced the listing of DOGE on Tuesday, trading for which will begin on June 3, if liquidity conditions are met.
Trading will be available for DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT pairs.
Support for the meme coin will be available in Coinbase’s supported jurisdictions. The coin is not available on Coinbase.com or its mobile apps yet.
Recently, P2P Bitcoin marketplace LocalBitcoins also announced that it now accepts DOGE as a payment method along with Tether (USDT), USD Coin (USDC), Polkadot (DOT), Chainlink (LINK), Cardano (ADA), and Bitcoin Cash (BCH). Along with these cryptos, LocalBitcoins also added new payment methods in about 16 countries. DOT -14.71% Polkadot / USD DOTUSD $ 19.04
-$2.80-14.71% Volume 2.15 b Change -$2.80 Open $19.04 Circulating 987.58 m Market Cap 18.8 b 1 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 mon Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows ADA -7.46% Cardano / USD ADAUSD $ 1.13
-$0.08-7.46% Volume 2.63 b Change -$0.08 Open $1.13 Circulating 33.54 b Market Cap 37.82 b 3 w Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report BCH -10.32% Bitcoin Cash / USD BCHUSD $ 307.76
-$31.76-10.32% Volume 5.15 b Change -$31.76 Open $307.76 Circulating 18.96 m Market Cap 5.84 b 1 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card 1 mon Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe
Created as a joke in 2013, Dogecoin has no maximum supply, with 10,000 new coins mined every minute.
Tesla CEO Elon Musk has been particularly interested in Dogecoin, helping pump the crypto asset by constantly tweeting about it. Recently, Musk said that he is working with Dogecoin developers to make it faster, cheaper, and more scalable.
Github repositories show that after being non-existent since 2017, developer activity has picked up significantly this year with Musks’ tweets about the coin preceding upticks in it.
Historically, DOGE made up 10% of all Litecoin (LTC) merge margin revenue, but as Dogecoin gained popularity this year, Litecoin miners are seeing a 5x increase in their daily revenue. Interestingly 80% of this revenue is coming from DOGE. LTC -9.59% Litecoin / USD LTCUSD $ 112.52
-$10.79-9.59% Volume 1.61 b Change -$10.79 Open $112.52 Circulating 69.47 m Market Cap 7.82 b 1 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card
This obviously led opportunistic LTC miners to drive up Dogecoin’s hash rate by 48% YTD resulting in the merge-mined coin now having a higher market cap than its base coin.
As of writing, DOGE is the 6th largest crypto $55.8 billion market cap, currently up at $0.4329 but still down 42% from its all-time high of $0.737 in early May, as per CoinGecko. Meanwhile, trading at $184.5, LTC is the 14th largest crypto with a market cap of $12.27 billion.
Meanwhile, just over 60% of Dogecoin nodes are synced within 5 blocks of the chain tip, in part driven by the network’s 1-minute block times. This low number makes it harder for new nodes to connect and sync to the network, “highlighting certain deficiencies at the network layer.”