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Dogecoin, cryptocurrency based on a viral dog meme from almost a decade ago, rose 30% on Tuesday to set a new record high of more than 50 cents per day. Coin.
The cryptocurrency traded at around 54 cents, according to data from Coin Metrics. Dogecoin rose to about 40 cents per. Coin last month, before falling sharply for several days after the calendar became April 20, a date largely celebrated as a marijuana-themed holiday.
Dogecoin was started as a joke in 201
The coin has been boosted in recent weeks by billionaires Elon Musk and Mark Cuban, who have both mentioned Dogecoin on Twitter several times. Cuban has said the increased interest and need for Dogecoin has made it more than a joke.
“Meme coins like Doge only work if they get help and users use them for that utility. As long as you can use Doge because we know annual inflation is set at 5b coins, it can gain SOME value, “When the utility grows, it’s like any other currency,” Cuban said on Twitter on Sunday.
“As long as more companies take Doge for products / services, Doge can be a useful currency because it CAN keep its purchase value better than a $ in your bank. If interest rates skyrocket or the amount spent falls or stagnates, Doge. Yes, a joke is now legit, “he added.
Another crypto-asset that set a new high on Tuesday was Ether, the currency linked to the Etherum blockchain. Bitcoin, however, slipped more than 6%.
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