Coinbase Commerce adds support for Dogecoin and Shiba Inu, meme coins fail to recover
- Coinbase Commerce, the e-commerce arm of the US-based cryptocurrency exchange, recently added support for Dogecoin and Shiba Inu.
- Users can now send instant and free Dogecoin and Shiba Inu payments to Coinbase-managed commerce merchants.
- Dogecoin price failed to recover from its slump, posting double-digit losses in a crypto bloodbath.
Coinbase Commerce added Shiba-Inu-themed cryptocurrencies Dogecoin and Shiba Inu to their platform for users. Despite the rise in utility, the Dogecoin price continued its downtrend, posting 10% losses overnight.
Instant and free Dogecoin payments arrive on Coinbase Commerce
Coinbase Commerce announced two significant updates to its platform. Coinbase users can now avail of the exchange’s free and instant payments to merchants in the platform’s network. Also, the exchange announced the addition of seven new cryptocurrencies, Bitcoin, Ethereum, USD Coin, Bitcoin Cash, Litecoin, Dogecoin, DAI, USD Tether, Apecoin, and Shiba Inu.
Merchants are free to manage the cryptocurrencies they are prepared to accept, turn off the ones they don’t wish to accept and choose to hold or auto-convert crypto balances to USD. The platform removes friction and increases the flexibility of crypto payments on both sides of the ecosystem, taking another step towards mainstream adoption of Shiba-Inu-themed meme coins Dogecoin and Shiba Inu.
Dogecoin price plummets 10% overnight
Dogecoin price witnessed a drop despite the spike in the meme coin’s utility. Coinbase Commerce boosted the meme coin’s utility and enabled users to make instant and free Dogecoin payments to merchants on the platform.
Analysts have evaluated the Dogecoin price chart and noted that the meme coin could continue its downward trend towards a 14-month low of $0.049. Analysts noted that the Dogecoin price is still 91.1% away from its all-time high of $0.73 a year ago.
FXStreet analysts believe Dogecoin should be on crypto traders’ watchlists and identified buy signals on the meme coin’s chart. For more information, watch this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
