A visible illustration of digital cryptocurrencies Dogecoin and Bitcoin.
Yuriko Nakao | Getty Images News | Getty Images
Dogecoin, the unique meme asset, jumped on Wednesday following Coinbase’s announcement that it’ll begin listing the cryptocurrency on its Pro platform this week.
Dogecoin is buying and selling at about 42 cents Wednesday morning, that is up 25% for the day, in line with Coin Metrics. The transfer gave it a $54 billion market cap, making it the sixth-largest cryptocurrency by market worth, in line with Coinbase.
The cryptocurrency is predicated on the 2013 Internet meme doge and was created in jest in the identical 12 months, when bitcoin’s enthusiastic however area of interest group started to strengthen round its pseudonymous creator, Satoshi Nakamoto.
It’s gained some relevance this 12 months, nevertheless, following the endorsement and steady hype on social media by Tesla CEO Elon Musk, who has turn out to be one thing of a cryptocurrency market mover together with his tweets about dogecoin in addition to bitcoin. In early May they fueled the crypto asset’s rally to its all time excessive of 67 cents, per Coin Metrics. His look on SNL, by which he referred to as dogecoin “a hustle,” simply as simply despatched the value crashing again down.
Trading on Coinbase Pro will start Thursday at 12 p.m. ET.
