Dogecoin jumps on news of launch on Coinbase Pro – Reuters

NEW YORK, June 2 (Reuters) – Dogecoin, a meme-based cryptocurrency popular amongst retail investors, surged on Wednesday, benefiting from news that digital asset exchange Coinbase (COIN.O) will make the crypto system readily available to its users on its trading platform.Coinbase stated on Tuesday it will instantly accept inbound transfers of dogecoin Coinbase Pro, a trading venue for professional traders. That pushed the cryptocurrencys market capitalization to $54 billion, making it the sixth-largest token, according to data and market tracker Moya, senior market expert at OANDA in New York, said dogecoin was no place near the level seen leading up to Tesla chief Elon Musks appearance last month on Saturday Night Live, a U.S. funny sketch TELEVISION show.Cryptocurrency representations are seen in front of the Dogecoin logo in this illustration photo taken April 20, 2021. REUTERS/Dado Ruvic/IllustrationRead MoreBut this “dogecoin bounce comes throughout a period where the cryptoverse is seeing a debt consolidation of positions, so we should not be surprised if this current rise fizzles or if it makes another attempt at the moon,” he added.Dogecoin lost more than a third of its cost after Musk, a huge advocate of the currency, called it a “hustle” throughout his guest-host spot on the Saturday Night Live.