Dogecoin rebounded on hopes that the meme-inspired digital currency could soon be available for retail traders on major crypto trading platform Coinbase Global Inc (NASDAQ:COIN).
In early trading in New York, Dogecoin was up about 25% in the last 24 hours at US$0.41, giving it a total market cap of US$52.8bn.
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The latest surge followed news overnight that Coinbase has listed Dogecoin for its Pro customers and will accept inbound transfers of the cryptocurrency into professional trading accounts.
The company added that professional trading in Dogecoin is expected to begin on Thursday “if liquidity conditions are met”.
While Coinbase said Dogecoin is not yet available on its website or its non-professional consumer mobile trading app, the move to add Doge trading for its professional customers is likely to increase speculation that the crypto will soon be available to all of its users, given the company tends to add new digital currencies to its retail platform a few weeks after they arrive on the professional version.
Following the announcement, Dogecoin hit a value of just over US$0.381 in overnight trading, its highest level since May 21 but still well below its all-time high of around US$0.722 reached in early May.