This week, Bitcoin and Ethereum aren’t the only digital currencies that have set new highs. Dogecoin price , the cryptocurrency with a Shiba Inu dog’s face as its logo, has surpassed 10 cents for the first time.
According to CoinDesk, the virtual currency, which began as an internet parody more than seven years ago, has increased by more than 85 percent in the last 24 hours and is currently trading at $0.13. Its market capitalization has risen to more than $17 billion.
The latest surge comes as investors prepare for the direct listing of cryptocurrency exchange Coinbase Global, which could help validate cryptocurrency buying and selling as a business even more. Bitcoin also soared to a new high above $62,700 this week in anticipation of the listing, and other cryptocurrencies have seen significant gains as well.
However, the rise of Dogecoin is noteworthy. The currency has increased in value by more than 2,000 percent since the beginning of the year, and it has a big fan in Tesla CEO Elon Musk, whose tweets about it have occasionally boosted its value.
Dogecoin has also gained cult status on Reddit, where a popular group — similar to the WallStreetBets group behind GameStop’s rally — decided earlier this year to push its value “to the moon.” Dogecoin’s value increased by over 600% as a result of that push.
Musk is Dogecoin’s most wealthy supporter, but he has previously criticized the more established bitcoin, calling it “BS” in a tweet. Musk, however, stated in a February interview on the social app Clubhouse that he should have purchased that digital currency eight years ago. His company, Tesla, has also promised customers that they will purchase their vehicles using bitcoin.
Source : CNN Business