Benzinga | Jun 2, 2021 10:09PM EDT

Dogecoin Coinbase Debut Could Get Meme Crypto Interest From Traditional Investors, Says Analyst

Dogecoin's (DOGE) debut on major cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) may eventually attract traditional investors as there is momentum behind this move, according to an analyst.

What Happened: "People are still going to be cautious long-term, but this debut will eventually have some ability to attract traditional investors and not just the Robinhood/Reddit army," Edward Moya, senior market analyst at Oanda, told CoinDesk.

While Dogecoin has the support of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and billionaire entrepreneur Mark Cuban, the meme cryptocurrency requires some kind of "use case" argument to really take off, Moya was quoted by CoinDesk as saying.

See also: How to Buy Dogecoin (DOGE)

The analyst noted that the meme cryptocurrency's momentum slowed and went quiet after Elon Musk's appearance on the "Saturday Night Live" show, and people moved on to Ethereum (ETH), safemoon and other altcoins.

See Also: 'Sounds Kinda Fun': Elon Musk Supports A Lollapalooza-Like Event For Dogecoin

Why It Matters: Dogecoin holders were in favour of Coinbase's long-awaited decision to add support for the popular cryptocurrency that has made its way to the top 10 cryptocurrencies by market cap.

Dogecoin co-creator Billy Marcus has asked holders of the meme cryptocurrency to return to a tipping culture to widen the community base.

The Shiba Inu-themed cryptocurrency is now the sixth-largest cryptocurrency by market cap and its year-to-date gains stand at 8585.80%.

Price Action Dogecoin is up 15.3% during the past 24 hours and is trading at $0.4142 at press time.

Read Next: Dogecoin Headed To Below $1B Market Capitalization, Says Crypto Veteran Investor Barry Silbert