Dogecoin Massive Rally
On Tuesday, the cryptocurrency DOGE Price reached a new all-time high of $0.60, bringing the Dogecoin market cap above $70 billion and making it the fourth-most valuable coin. It is hard to believe at this point that at one point Dogecoin was worth $2 billion.
In just a few weeks, the cryptocurrency’s value has increased by more than 600%, and it has increased by more than 11,000% since the beginning of the year.
Dogecoin investors have been on their toes for the last few days. The cryptocurrency had stuck around the 40-cent mark, which has been a source of frustration for investors. It peaked at 43 cents in mid-April and has been stumbling in the weeks since. DOGE is now up by 52% in the last 24 hours, trading at over 60 cents and soaring past the resistance levels successfully.
Reason Behind DOGE Price Surge
Over the weekend, the price of Dogecoin began to rise. Elon Musk, the CEO of Tesla, is Doge’s most well-known supporter, and his tweets about cryptocurrency usually result in a price increase. Last week, Musk sent out a tweet about The Dogefather and his upcoming Saturday Night Live hosting gig on May 8.
The memecoin was also listed on the trading platforms eToro and Gemini, significantly extending its scope. eToro alone has 20 million users, all of whom can now purchase DogeCoin on the website. Customers on eToro can buy the cryptocurrency token directly or trade derivatives based on the Dogecoin underlying cryptocurrency price.
With a blog post and numerous tweets, the company revealed the inclusion of Dogecoin. A meme that said “Much Wow” and a post that said “Much good guy!” were among the tweets. What a joy! “Extremely valuable.”
The increased demand for DogeCoin seems to have created problems for the Robinhood investment app, which said it was having issues with cryptocurrency trading due to the increased demand.
At the time of writing, Dogecoin was trading at around $0.66 a coin which is a record high.