Dogecoin, a meme-based cryptocurrency popular among retail investors, surged on Wednesday, benefiting from the news that digital asset exchange Coinbase makes 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

Dogecoin has been extremely volatile for the past month, just like bitcoin, ethereum, and other cryptocurrencies. Prices hit a peak of 74 cents on May 8, just before Tesla (TSLA) CEO (and huge dogecoin fan) Elon Musk joked on “Saturday Night Live” that the cryptocurrency was a “hustle.”
But Musk is cheering the dogecoin comeback. Following the Coinbase announcement, Musk resurfaced a tweet of his from last July that showed a gigantic cloud with a dog’s face on it and the text “dogecoin standard” that was approaching a landscape labeled “global financial system.”

A lot of traders hope that Dogecoin will skyrocket.

Will it go to the moon or will follow the bearish crypto market?

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