Coinbase started giving away $1.2 million in DOGE while trying to add extra bark to the listing with a new promotion of the coin so let’s read more in our latest Dogecoin news.
Coinbase users will be eligible to sign up for the giveaway in the upcoming days. The news came as users are finally able to trade DOGE on all Coinbase platforms. The exchange added the coin a few days ago and to boost the publicity, Coinbase started giving away $1.2 million worth of the token to customers in the upcoming months:
“Dogecoin is now on Coinbase, and we’re giving away $1.2 million in prizes to celebrate.”
just gonna leave this right here … pic.twitter.com/k1lUf0HnLR
— Coinbase (@coinbase) June 3, 2021
The news was revealed in a tweet with a link with more details that explained what the winners have to do in order to become eligible to win. The prizes will consist of a $300,000 award and 10 smaller awards of $30,000 and 6000 awards of $100. The giveaway is happening to please the fans of the currency who clamored for a while now that the exchange has to add Doge in order for the coin to get the Coinbase effect which describes the price pump which occurred when it added other coins in the past. So far, the listing failed to lift the token with the price of the coin dropping about 6%.
Doge’s price movements are quite similar to what happened before Tesla’s CEO hyped SNL’s appearance last month which saw the prices dropping dramatically after the build-up which is a phenomenon that led some pundits to opine “buy the rumor-sell the news.” The doge giveaway follows a similar promotion back in the year when it announced a new giveaway of $500,000 worth of BTC to mark its listing as a public company.
The listing and sweepstakes mark a high watermark for the coin which launched as a joke and a meme coin back in 2013 but gained mainstream attention in the past few months thanks to Robinhood buyers and celebrity endorsements.
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As reported recently, The exchange said that as of Tuesday, Coinbase Pro starts accepting DOGE transactions on its platform assuming liquidity conditions are met. DOGE will be available in five trading pairs: DOGE/BTC, DOGE/USD, DOGE/EUR, DOGE/GBP, and DOGE/USDT. The order books will be available in three stages starting with post-only, limit-only, and full trading.
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