Dogecoin Surged by More Than 38%, Reaching a Record HighDogecoin value rose over 38% on Wednesday, reaching a record high of $0.69 within 24 hours.
ByFatma Khaled•
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Dogecoin price went up by over 38% in a 24-hour period, reaching a record high of $0.69 Wednesday morning, according toCoinDesk.
The surge came after eToro, an online trading platform,said this weekthat it will offer the cryptocurrency to its users. The announcement helped raise Dogecoin's market cap to above $50 billion, according toThe Independent.Over 20 million eToro users worldwide can now use the platform to invest and trade Dogecoin.
In an email to users obtained by独立,eToro said that it is adding Dogecoin to its platform to further expand its crypto services. "Beneath the branding, [Dogecoin] is based on solid technical foundations, utilizing a proof-of-work mechanism," the email read.
Related:Dogecoin Is Scaring Investors. Here's Why.
The surge also comes as Gemini alsoannounced on Tuesdaythat it is supporting Dogecoin on its crypto exchange platform. The meme cryptocurrency has risen by about 14,180% so far in 2021, according toMarketWatch.
Some trading platformssuch as Coinbase, however, have been hesitant to support Dogecoin due to its volatility, as experts said that the possibility of incurring massive gains comes with a risk of huge losses,The Independentnotes.
"It is a low-cost, high-risk investment with the potential for massive returns – which can't be found elsewhere at the moment. Even high-risk junk bonds have virtually no returns now," Carol Alexander, a crypto academic professor at the University of Sussex Business School, told the publication.
"It is Dogecoin's price relative to Bitcoin that makes it so remarkable right now," she added.
According toMarketWatch,Edward Moya, a senior market analyst at OANDA, said that Dogecoin is also surging because many crypto traders "do not want to miss out on any buzz that stems from Elon Musk's hosting of "Saturday Night Live.'"
Amid recent, intense interest in the cryptocurrency, the Oakland Athleticssaid on Twitter on Mondaythat it would sell "two-seat pods in the Plaza Infield for 100 Dogecoin" for all four games in its series against the Toronto Blue Jays. The eventual sale of one of those pods was "the first [Dogecoin] transaction in MLB history," team president Dave Kaval announcedon Twitterthat same day.
As of this writing,Dogecoin isaround $0.60.
