Dogecoin, a meme-based cryptocurrency popular among retail investors, surged on Wednesday, benefiting from news that digital asset exchange Coinbase (COIN.O) will make the crypto unit available to its users on its trading platform.
Coinbase said on Tuesday it will immediately accept inbound transfers of dogecoin Coinbase Pro, a trading venue for professional traders.
Dogecoin rose 31% on Wednesday to $0.41 in the wake of the Coinbase news. That pushed the cryptocurrency’s market capitalization to $54 billion, making it the sixth-largest token, according to data and market tracker CoinGecko.com.
Edward Moya, senior market analyst at OANDA in New York, said dogecoin was nowhere near the level seen leading up to Tesla chief Elon Musk’s appearance last month on Saturday Night Live, a U.S. comedy sketch TV show.
But this “dogecoin bounce comes during a period where the cryptoverse is seeing a consolidation of positions, so we should not be surprised if this…