Dogecoin jumped nearly 50% to a new all-time high of nearly $ 0.60 on Tuesday after trading platforms eToro and Gemini added the cryptocurrency meme, opening it up to tens of millions of dollars. ‘users.
The Shiba Inu-themed digital asset was also boosted by a breakthrough in Major League Baseball, with Oakland A’s accepting dogecoin as payment for tickets.
Dogecoin rose 48.1% at 10:20 a.m. ET, to a record high of $ 0.59082, according to CoinGecko.
The cryptocurrency meme, which started out as a joke in 2013, has climbed over 23,000% in the past year and 950% in the past 30 days. Its market capitalization stood at over $ 76 billion on Tuesday.
Dogecoin has invaded the cryptocurrency wave, which analysts say was driven by huge stimulus from governments and central banks during the COVID-19 crisis.
Celebrity endorsements have also been at the heart of dogecoin’s rise to power. In particular, regular tweets from Tesla CEO Elon Musk have helped prop up the asset.
More eToro decision to add a dogecoin trading on his platform triggered the last higher stage. The brokerage is looking 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 due to strong customer demand, with Millennial and Gen Z investors warming to irreverent cryptocurrency in defiance of mainstream financial opinion. The exchange said its 20 million registered users worldwide will now be able to invest in the token.
Crypto exchange Gemini announced later on Tuesday that it was following suit. “Depots are now open for DOGE. Trading for DOGE will open shortly, ”the company said in a statement.
Read more: Former Ark Analyst James Wang Breaks Down Ethereum Pitch As Its Token Breaks All-Time High of $ 3,300 – And Explains Why It Could Eventually Reach $ 40,000
Optimism around dogecoin also increased after the Oakland Athletics Major League Baseball team said they started accepting dogecoin as payment for tickets. Oakland A President Dave Kaval said on twitter the team had previously processed dogecoin transactions, which it said were the first in Major League Baseball history.
eToro sang the praises of dogecoin in a statement on Monday, claiming it was “one of the fastest blockchain networks to transact on, thanks to its one-minute block intervals.”
But many analysts have warned potential investors to be very careful with dogecoins and other altcoins, arguing that their lack of use cases and wild volatility make them very risky investments.