A visual representation of digital cryptocurrencies Dogecoin and Bitcoin.
Yuriko Nakao | Getty Images News | Getty Images
Dogecoin, the original meme asset, jumped on Wednesday following Coinbase’s announcement that it will begin listing the cryptocurrency on its Pro platform this week.
Dogecoin is trading at about 42 cents Wednesday morning, that’s up 25% for the day, according to Coin Metrics. The move gave it a $54 billion market cap, making it the sixth-largest cryptocurrency by market value, according to Coinbase.
The cryptocurrency is based on the 2013 Internet meme doge and was created in jest in the same year, when bitcoin’s enthusiastic but niche community began to strengthen around its pseudonymous creator, Satoshi Nakamoto.
It’s gained some relevance this year, however, following the endorsement and continuous hype on social media by Tesla CEO Elon Musk, who has become something of a cryptocurrency market mover with his tweets about dogecoin as well as bitcoin. In early May they fueled the crypto asset’s rally to its all time high of 67 cents, per Coin Metrics. His appearance on SNL, in which he called dogecoin “a hustle,” just as easily sent the price crashing back down.
Trading on Coinbase Pro will begin Thursday at 12 p.m. ET.