Dogecoin got a new lease on life Wednesday, with the price rallying sharply after Coinbase Global Inc. said it would allow users to trade the joke cryptocurrency on a platform that is geared toward more experienced investors. Fresh tweets from Tesla Chief Executive Elon Musk also provided a catalyst.
The price of dogecoin jumped 21% from its Tuesday 5 p.m. ET level to trade near 41 U.S. cents, its highest in about two weeks, according to CoinDesk. That gives the cryptocurrency, which was designed to serve no real purpose, a market value of about $53 billion. Still, it has lost almost half its value from its May peak.
The debut on Coinbase Pro means users of the hugely popular cryptocurrency exchange can now trade dogecoin for the first time by signing up for its free professional platform, which offers advanced charting and analytical tools. It provides an alternative to platforms available from Robinhood Markets Inc.,Bittrex Global GmBH and Payward’Inc.s Kraken.
Individual investors have been clamoring online this year for Coinbase to start supporting the cryptocurrency as a manic rally spurred the prices of an array of digital assets including bitcoin, ether, SafeMoon and dogecoin to new heights. Coinbase tapped into the frenzied rush for cryptocurrency trading by listing its own shares in April, a move that spurred bitcoin prices to a record $64,802.