Decentralized finance [DeFi] platform, Polkadot’s native governance token – DOT has emerged as one of the best-performing assets this year. In a short span of time, it has grown to be the ninth-largest cryptocurrency by market cap on the leaderboard. Amidst a fresh relief rally, DOT was up by almost 17% and was currently exchanging hands at $25.16, at press time.
With the latest movement, the digital asset geared up for further upside price action after breaking to the positive side of a symmetrical pattern formation. The buying pressure also noted an uptick as suggested by the RSI.
Coinbase effect on Polkadot [DOT]?
Polkadot’s rise in price was not an isolated event. The market-wide appreciation was also one of the crucial factors but the asset’s price movement also coincided with the latest news of Coinbase adding the DOT token on its professional trading platform. Coinbase’s official blog post on the same noted,
“Starting Today Monday June 14, transfer DOT into your Coinbase Pro account ahead of trading. Support for DOT will generally be available in Coinbase’s supported jurisdictions with the exception of Singapore. Trading will begin on or after 9AM Pacific Time (PT) Wednesday June 16, if liquidity conditions are met.”
The exchange will initiate accepting inbound transfers of Polkadot to Coinbase Pro starting immediately. In addition, if DOT trading will start on or after 9 am Pacific Time [PT], on the 16th of June once the liquidity conditions are established.
Only after the necessary supply of the digital asset is met on the platform, trading of DOT-USD, DOT-BTC, DOT-EUR, DOT-GBP, and DOT-USDT order books will be rolled out in three phases, post-only, limit-only, and full trading.
Generally, Coinbase tends to announce the support of digital assets to its retail platform a few weeks after first listing them on the Pro version. However, there have been no official details in this regard yet. At the time of writing, Coinbase Pro has added support for 50 cryptocurrencies.