Good news for Dogecoin users and holders as the meme cryptocurrency is now the seventh digital coin to be listed on Coinbase’s e-commerce website. The move is one of the few positive notes when it comes to Dogecoin as its price index has taken a huge hit and trading volume has dried up.
Dogecoin payments are now accepted on Coinbase Commerce which means that merchants will be able to convert their Dogecoin payments into USD or USD-based stablecoins without the need to migrate their crypto away from the platform. Other digital currencies currently available on the platform include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) in addition to two USD stablecoins. The move is expected to appeal to Dogecoin users around the world especially the ones who holding on to it in the long-term. Other integrations are also in the works but currently not available with both Coinbase Pro and Coinbase Prime accounts to be available soon.
Coinbase Commerce has a wide range of applications around the world. It recently became part of the mainstream news as it was announced as a payment partner by auction house Sotheby’s. The auction industry is quite big right now when it comes to crypto payments and it is believed that their usage will increase with time.
Dogecoin is now near multi-month lows despite recording some recovery in the last two days. The cryptocurrency is currently #8 on the charts and under heavy pressure from the bears and struggling at $0.19 and below. This is quite less from its all-time high set just a few months ago at around $0.7. It was widely believed that Dogecoin was only stimulated by Elon Musk’s tweets and that did prove to be the case for some time. However, even Musk’s influence on the meme crypto let alone the whole digital currency industry has reduced to nothing in recent times. Over the last few weeks, Musk has repeatedly tweeted about Dogecoin and got nothing in return but cold shoulder from the crypto and investment sector. So, the days of Dogecoin novelty and posting big price increases seem to be nearing their end.
However, news like Coinbase Commerce listing are useful for Dogecoin as it is putting it back in the spotlight and showing that it is as a real workable cryptocurrency rather than a novel joke spurred on by the Musk “Dogemaster” tweets.
Image Source: Wikimedia Commons
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