‘Perception of Validity’: How the Market Is Reacting to Dogecoin on Coinbase Pro

Retail traders have been howling ever since Tuesday’s blogpost by Coinbase saying traders on its Pro platform can begin trading dogecoin (DOGE, +14.85%) as early as Thursday, depending on “liquidity” conditions.

Dogecoin was trading at 41 cents at the time of writing, representing a 32% gain in the last 24 hours.

So, what does the listing mean for the meme cryptocurrency? We asked several analysts, fund managers and competing exchanges for their take on how the markets will receive a new market letting customers have a bite of dogecoin.

“People are still going to be cautious long-term, but this debut will eventually have some ability to attract traditional investors and not just the Robinhood/Reddit army,”  said Edward Moya, Senior Market Analyst at Oanda.

“There’s certainly momentum behind this move,” said Moya.

After Elon Musk’s appearance on SNL, the meme cryptocurrency’s momentum slowed and went quiet. People were moving on to ether (ETH, +3.47%), safemoon and other altcoins, according to Moya.

Now, what was once seen as an “embarrassing trend” for technical traders, could now be breaking above this, he said.