Once a joke, Dogecoin proves it can be popular among traders. Many of these traders use Reddit forums to inform about their trading. Dogecoin was subject to a more significant deal of volatility than other mainstream tokens. At the same time, all cryptocurrencies seem to be volatile. Including ethereum and bitcoin, were made as a meme. After the fact that Elon Musk mentioned the token on Twitter, the price of Dogecoin has increased.
As we have already mentioned, last month, the meme cryptocurrency Dogecoin hit a new all-time high. According to data from CoinDesk, the cryptocurrency finally managed to surpass 50 cents a coin after falling from a previous record price of 47 cents in mid-April. Since the beginning of this year, the cost of Dogecoin has increased by 11,000 percent.
Dogecoin’s latest boost came after eToro (the trading platform) announced that it would support the cryptocurrency following solid customer demand. By listing Dogecoin on its platform, eToro is planning to open around 20m users worldwide that could help drive its price up even further.
After the news, the cryptocurrency exchange Gemini announced that it would support Dogecoin by allowing 13.7m users to purchase it.
Insights Into Dogecoin
After eToro and Gemini listed Dogecoin, more businesses began accepting it for payments, including CovCare, a medical supplier. Besides this, the NBA team helped drive up the price of the cryptocurrency.
The pro baseball team Oakland Athletics recently announced that it would sell around $48 for its upcoming series of matches against the Toronto Blue Jays.
In a statement, Konstantin Boyko-Romanovsky – the Founder and CEO of Allnodes -provided more insights into Dogecoin’s growing popularity.
He said that Dogecoin continues to disobey expectations within the market of crypto. He believes that part of popularity started after celebrities like Mark Cuban and Elon Musk shared their thoughts. After the coin achieved an inflationary supply, it became affordable. Mark Cuban sees Bitcoin as a good alternative for payment transactions. For some investors, $60,000 per Bitcoin might be intimidating. He added that somehow, Doge is more like a US Dollar but in a digital form.
Although Dogecoin was a joke launched in 2013 by Adobe data scientist Jackson Palmer and IBM developer Billy Markus, now the cryptocurrency has become the fourth-largest cryptocurrency in the world that has $59bn market capitalization.