Dogecoin, a meme-based crypto currency, rose sharply on Wednesday, amid news that the Coinbase digital exchange will make the cryptocurrency unit available to its users on its trading platform.
Coinbase said on Tuesday it would immediately accept incoming transfers to Coinbase Pro, a trading venue for professional traders.
“One of the most common requests we receive from customers is to be able to trade more assets on our platform,” the company wrote. “Per the terms of our listing process, we will be supporting more assets that meet our standards over time.”
Dogecoin gained 25% on Wednesday to $0.42 after the announcement of Coinbase. That pushed the cryptocurrency market to $54 billion, making it the sixth largest cryptocurrency, according to data from CoinGecko.com.
Dogecoin lost more than a third of its value when Musk, a big supporter of the currency, called it a “fuss” during a TV show.
The rise in the price of the cryptocurrency took place during the increase in online stock and crypto currency transactions by retail investors, who stayed at home with extra cash due to the COVID-19 pandemic. The currency has not seen much increase in payment or trade usage.