Dogecoin jumped nearly 50 percent to a record high of about $ 0.60 on Tuesday after trading platforms eToro and Gemini added the cryptocurrency meme, opening it to tens of millions of users.
Shiba Inu’s digital asset was also boosted by a breakthrough in Major League baseball, with the Auckland Athletics accepting dogecoin as payment for tickets.
Dogecoin rose 48.1
The meme cryptocurrency, which was jokingly launched in 2013, has risen by more than 23,000% in the last year and by 950% in the last 30 days. On Tuesday, its market capitalization was over $ 76 billion.
Dogecoin overcame a cryptocurrency wave that analysts say was triggered by huge incentives from governments and central banks during the COVID-19 crisis.
Celebrity approvals are also essential to the rise of dogecoin. In particular, regular tweets from Tesla CEO Elon Musk helped maintain the asset.
But eToro’s decision to add dogecoin trading to its platform caused the final stage higher. The broker is seeking to expand its offerings as it prepares to go public through a special-purpose acquisition company in a $ 10.4 billion deal.
eToro said it added dogecoin because of strong customer demand, as millennial and Gen Z investors have warmed to a dishonest cryptocurrency in violation of core financial opinion. The exchange said its 20 million registered global users would now be able to invest in the token.
The Gemini cryptocurrency exchange announced later Tuesday that it would follow suit. “The deposits are now open for DOGE. Trading for DOGE will open soon,” the company said in a statement.
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Optimism about dogecoin also rose after the Oakland MLB team said it had started accepting dogecoin as payment. Auckland President A Dave Caval said on Twitter that the team had already processed dogecoin transactions, which he said were the first in MLB history.
eToro praised dogecoin in a statement Monday, describing it as “one of the fastest blockchain networks to make transactions, thanks to its one-minute block intervals.”
But many analysts are telling potential investors to be very careful with dogecoin and other so-called altcoins, arguing that lack of use and wild volatility make them extremely risky investments.