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Due to The Surge in Altcoins, Coinbase Will Accept Dogecoin in Six to Eight Weeks.

Due to The Surge in Altcoins, Coinbase Will Accept Dogecoin in Six to Eight Weeks.

Coinbase Global Inc. aims to launch Dogecoin, a joke cryptocurrency, on its trading platform in six to eight weeks, according to the company’s CEO.

The largest cryptocurrency exchange in the US now trades Bitcoin and Ethereum, the two most prominent currencies, as well as over 100 other alternative cryptocurrencies, but it hasn’t added some of the tokens that have gained interest in recent weeks.

Dogecoin has soared to a market valuation of more than $50 billion after obtaining backing from Elon Musk and Mark Cuban.

The rise of other coins, like as Dogecoin and Binance Coin, is a difficulty, according to Coinbase, because rivals support them while Coinbase does not. Trading activity has been quite high on several exchanges recently, indicating that potential clients have either departed or registered accounts on other exchanges where they may trade. For instance, you check out here about how to buy Dogecoin on Coinbase.

On a conference call, Coinbase CEO Brian Armstrong stated that the company will reduce the time it takes to add new currency. He explained that in the past, the corporation would add currencies when they’d reached a certain level of scale. It wants to introduce “debut” currencies in the future and be the first exchange to list them.

Coinbase offered 108 different crypto assets at the end of March, accounting for 40% of total trading volume in the previous quarter. Bitcoin and Ethereum accounted for the remaining 60%.

Elon Musk Sends Dogecoin Soaring as Traders Look for the Next Big Thing Shiba Inu

The month of October, dubbed Uptober by optimistic cryptocurrency speculators, delivered. Because of the excitement around the debut of the first U.S. futures-based bitcoin exchange-traded funds, bitcoin gained about 40% in October, reaching a new high of around $67,000. (ETFs). According to Coindesk statistics, Bitcoin’s surge was the largest single-month percentage gain since December 2020.

Despite the fact that several of the top 10 cryptocurrencies did not do as well as bitcoin, the majority of them still saw profits for the month. Though traders are increasingly seeking for the next viral cryptocurrency, Ethereum and its dogecoin competitor shiba inu both hit fresh all-time highs.

The majority of the crypto top 10 is now in the green. Solana’s sol token is leading the charge, with a 10% gain since yesterday.

After billionaire Tesla TSLA -3.2 percent, Dogecoin has risen by 5%. Elon Musk made a lighthearted suggestion to enable dogecoin to be used to pay for tuition at a new university he’s considering establishing called the Texas Institute of Technology and Science (TITS). “And if you have a dog, you get a discount,” he said on Twitter. Nobody knows which parts should be taken seriously, if any at all.

Traders are anticipating a volatile week ahead, with the Federal Reserve of the United States largely expected to declare that it would begin to ease its loose monetary policy. The main issue for markets is whether there will be a taper tantrum or whether the tightening has already been priced in. A report has been published by Traders Union.  

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