Dogecoin surged 22% on Wednesday after Coinbase said it would allow trading of the crypto asset on its platform, Wall Street Journal reports. The rise in dogecoin was also fueled by fresh tweets of Tesla’s Elon Musk.
Doge’s rise saw it trade at a 2-week high of almost 42 US cents.
Dogecoin, whose market value is now about $54 billion, has almost halved from the peak in May after Tesla’s Elon Musk referred to it as a “hustle.”
Traders have been calling Coinbase to allow trading of dogecoin on its platform as demand for cryptos surged this year.
Musk showed support for dogecoin after Coinbase said it would allow its trading saying, “it’s inevitable.”
Musk’s tweets, including those of Tesla’s stock has caught the attention of the US SEC, which has accused him of violating a court-ordered policy.
Dogecoin is currently gaining. DOGEUSD is up 10.86%
