Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Dogecoin rises 30% to a record high of over 50 cents as speculative crypto trading continues

Dogecoin rises 30% to a record high of over 50 cents as speculative crypto trading continues



Yuriko Nakao | Getty Images News | Getty Images

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

3 in the midst of a boom in early cryptocurrencies. It was based on a popular internet meme at the time that featured a Shiba Inu dog and cartoon-style text above the image. Its rise in recent months has been highlighted by many as a sign of froth and speculation in the financial markets, especially among younger investors who began trading during the pandemic.

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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