Polkadot (DOT), the native currency of the Polakadot blockchain is enjoying a buying frenzy after it debuted on Coinbase. This was announced in the early hours of Tuesday by the company.
In the early hours of Tuesday, Polkadot traded at $25 with a daily trading volume of about $3 billion and is up 16% for the day. Polkadot is the ninth most valuable cryptocurrency according to CoinMarketCap. It has a market valuation of $24 billion and unlike Bitcoin, it has an infinite supply.
Polkadot’s debut on Coinbase has made investors turn towards the cryptocurrency as Coinbase is the leading US-based cryptocurrency exchange with the greatest exposure of institutional investors in the crypto market. Debuting on Coinbase has given Polkadot more prestige and more investors are associating themselves with it.
In a statement released by Coinbase – the most valuable crypto exchange, the company said that trading of Polkadot will begin on Wednesday but under the condition that liquidity conditions are met. “Starting immediately, we will begin accepting inbound transfers of DOT to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) Wednesday, June 16, if liquidity conditions are met. Once a sufficient supply of DOT is established on the platform, trading on our DOT-USD, DOT-BTC, DOT-EUR, DOT-GBP, and DOT-USDT order books will launch in three phases, post-only, limit-only, and full trading”, the statement said.
According to data from CoinDesk, the price of Polkadot has risen 19 percent over the last 24 hours.
Dogecoin was also listed on Coinbase not too long ago which also sent the joke coin into frenzy. Coinbase also revealed weeks ago that its Debit card can be used on Apple and Google Pay to pay for services. Coinbase also mentioned a cash-back policy that promised a 4 percent reward in Stellar and 1 percent in Bitcoin.