Dogecoin, a memes-based cryptocurrency popular among retail investors, surged on Wednesday, taking advantage of news that the Coinbase digital asset exchange (COIN.O) will make the crypto unit available to its customers. users on its trading platform.

Coinbase said on Tuesday that it will immediately accept inbound transfers from dogecoin Coinbase Pro, a trading platform for professional traders.

Dogecoin rose 31% on Wednesday to $ 0.41 following the news from Coinbase. This pushed the cryptocurrency’s market cap 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 City, said dogecoin was nowhere near the level seen before Tesla chief Elon Musk appeared last month on Saturday Night Live, an American comedy television show. .

But this “dogecoin rebound comes at a time when the cryptoverse sees a consolidation of positions, so we shouldn’t be surprised if this recent surge fails or if it makes another attempt on the moon,” he added. .

Dogecoin lost more than a third of its price after Musk, a big supporter of the coin, called it a “fuss” when he was guest host on Saturday Night Live. Read more

The rise in the token came amid an increase in online trading of stocks and crypto by retail investors, stuck at home with additional cash due to the COVID-19 pandemic. The coin has not seen much growth in use for payments or in commerce.

A boom in the use of online trading apps like Robinhood has also fueled the social media-induced rally in GameStop Corp (GME.N) stocks this year, which pitted retail investors against hedge funds.

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