Dogecoin surges after Coinbase says some users can trade it

Dogecoin is going to the moon again.

The canine-themed digital currency soared more than 25% Wednesday to about 40 cents. Investors cheered the news that crypto giant Coinbase (COIN) was planning to let users of its Coinbase Pro service buy and sell dogecoin.

By Wednesday night, Dogecoin had reached 42 cents, according to Coinbase.

“One of the most common requests we receive from customers is to be able to trade more assets on our platform,” Coinbase said in a blog post Tuesday. The company added that dogecoin trading is only on its advanced Coinbase Pro product for now and is not yet available for the more standard Coinbase.com site or any of its consumer mobile apps.

“We will make a separate announcement if and when this support is added,” the company said.

Dogecoin has been extremely volatile for the past month, just like bitcoin, ethereum and other cryptocurrencies. Prices hit a peak of 74 cents on May 8, just before Tesla CEO (and huge dogecoin fan) Elon Musk joked on “Saturday Night Live” that the cryptocurrency was a “hustle.”

But Musk is cheering the dogecoin comeback. Following the Coinbase announcement, Musk resurfaced a tweet of his from last July that showed a gigantic cloud with a dog’s face on it and the text “dogecoin standard” that was approaching a landscape labeled “global financial system.”

Musk’s comment: “It’s inevitable.”